Intrakat close to buying Aktor
The final touches are being added by the heads of the Ellaktor and Intrakat groups to the acquisition agreement of Aktor by the latter.
Sources say that the announcement of the initial agreement for the sale of the construction arm of the listed Ellaktor group is now perhaps a matter of hours and in any case it seems that it will be made official within the current week. Last Friday, both listed companies confirmed that they are in discussions for the sale of Aktor to Intrakat.
Sources monitoring the process speak of an agreement worth around 200 million euros – i.e. an amount slightly greater than the revenue obtained by the investment group led by Intrakat from the sale of its shares in Ellaktor last May (€180 million).
This amount will certainly also include liabilities (e.g. the loans of Aktor and the cost of letters of guarantee), which means that the cash that will correspond to Ellaktor’s shareholders will not reach this amount. In any case, the sale of Aktor is expected to repay a significant percentage of the amount spent by Dutch company Reggeborgh Invest for the acquisition of a majority stake in the Greek group. Therefore if it proceeds with a further sale, as is strongly rumored in the market, it will register significant capital gains.
At the moment, the future of Aktor Concessions has not been clarified. However, considering that it was Reggeborgh Invest’s initial intention to secure a construction partner for the concessions subsidiary, it seems reasonable that such a partnership with Intrakat has also been discussed. It should be noted that this very desire of Reggeborgh – i.e. to acquire an external partner for the implementation of the technical objective of the contracts claimed by Aktor Concessions – was also the main reason why it is rumored that the negotiations with Wade Adams and Dimitris Koutras, who had initially seemed ready to acquire Aktor, failed.
The choice of Intrakat shareholders as the new owners of Aktor is an illustration of Reggeborgh’s strong desire to sell Aktor, especially after the departure of executives such as the company’s former head Christos Panagiotopoulos.
