Motor Oil nears Helector buy
Motor Oil is close to the signing of a memorandum of cooperation that will provide for the acquisition of Ellaktor’s subsidiary, Helector.
Negotiations between the two listed groups are at an advanced stage and the last steps to complete the agreement are expected to take place, barring unforeseen circumstances, in the near future.
Based on the relevant information, the agreement will provide for the acquisition of the Ellaktor group’s entire stake in Helector, which covers approximately 94% of its share capital, with the exception of a percentage of less than 6% that is said to remain in the ownership of Leonidas Bobolas.
Helector is a fully vertically integrated waste management and green energy company and its acquisition fits well with Motor Oil’s strategic plan for its 2030 green energy transformation, which it is rapidly developing through full-budget investments and acquisitions of the order of 4 billion euros.
Helector, with a presence in eight countries, has know-how and expertise that allow it to provide integrated solutions in waste management, which include the design, construction and operation of modern waste treatment plants, as well as alternative fuel production projects and energy utilization of biogas and biomass.
Details of the price of the upcoming acquisition have not yet been released; however, based on the latest published financial results of the Ellaktor subsidiary, Helector’s earnings before tax, interest depreciation and amortization (EBITDA) in 2022 amounted to a profit of €13.28 million.
Its turnover in the same fiscal year amounted to €120.94 million, pre-tax results showed profits of €9.57 million, while the results after taxes amounted to profits of €3.44 million.
The Helector group’s equity was €101.3 million. The short-term bank borrowing at the end of the year was €4.02 million, while long-term borrowing was €17.45 million.
The acquisition of Helector is part of the sale of subsidiaries and holdings launched in Helector by its new main shareholder, Reggeborgh Invest, belonging to Dutch businessman Henry Holterman.
