The acquisition of 94.44% of Ηelector by Motor Oil for €114,731 million was completed. Now pending is the approval of the Competition Commission and other statutory approvals and permits, as well as the approval of the General Meeting of Shareholders of Helector on July 8, 2024, as the listed company underlines.

The discussions, revealed by the newspaper Kathimerini in mid-February, have recently been completed as a due diligence process was carried out, barring any unforeseen circumstances.

According to the relevant announcement:

The public limited company with the name "ELLAKTOR S.A." and the distinctive title "ELLAKTOR S.A." (hereinafter referred to as the "Company"), following its announcement of May 22, 2024, informs the investing public, in accordance with Regulations (EU) 596/2014 of the European Parliament & Council and the Athens Stock Exchange, of the following: On 3.7.2024, the signing of an agreement with MANETIAL LIMITED, a 100% subsidiary of the company named MOTOR OIL HELLAS DIVILISTRIES KORINTHOS S.A., was completed for the sale of 185,793 common nominal shares with voting rights in ELEKTOR S.A., owned by the company, representing 94.44% of its fully paid-up share capital, for a total consideration of €114,731,111.11.

The transaction is subject to the approval of the Competition Commission, all other statutory approvals and authorizations, as well as the approval of the General Meeting of Shareholders of the Company to be held on July 8, 2024.

Motor Oil has recently acquired two of the four largest players in the waste management market and, after renewable energy, is becoming a leading player in the waste management sector, where it is also bidding for major PPP projects.