The entire shares of Europe Insurance will be acquired in parts 65% at the beginning and 35% later by the Intracom Holdings group through its subsidiary Intracom Properties. Mr. Nikos Makropoulos, the main shareholder of Europe Insurance, will receive more than €46 million.

The transaction is complicated because Intracom Holdings will privately place its current 27% stake in Kloukinas Lappas with other shareholders, primarily from the shipping sector. The same shareholders will participate in a capital increase of Intracom Properties.

In particular, in a complex deal, Intracom Holdings, which is both the sole shareholder of Intrakom Properties and a shareholder in Kloukinas Lappas (KLM), is launching:

• The partial acquisition of 100% of Europe Insurance by Intarcom Properties
• The merger of Intacom Properties with KLM and the renaming of KLM to Europe Holdings
• The entry of private investors into the equity of the new entity.

A capital increase in the new entity (Europe, Klukinas, Intracom Properties) will follow, in which Mr N. Makropoulos of Europe Insurance will also participate, with the aim of controlling, after the completion of the process, a 10% stake in the new entity, which will be listed on the stock exchange and will have Intracom Holdings as its main shareholder.

Both Socrates Kokkalis and Nikos Makropoulos are expected to head the scheme. Kokkalis will be appointed chairman and Makropoulos will be appointed CEO.