What could be the first deal for 2025, as Masdar's public offer process for Terna Energy is underway, with the Arab group having reached 90% of the listed company's capital increase.  In principle, the consequent squeeze out for Terna Energy and its replacement in the FTSE25 Large Cap index by Aktor/ex Intrakat. At €776.9 million, the valuation of construction group Aktor, the predominant candidate for inclusion in the large cap index. 

Probably shortly after Trump's inauguration, the IRO for 20% (or 25%) of Titan America, with the underwriters of the NYSE IPO process, Goldman Sachs and Citigroup looking to raise $600m (at $500m the initial target of Papalexopoulos-Kanellopoulos), i.e. in terms of a €2.5-€3bn valuation for the subsidiary. When the Titan Cement International group (listed on Euronext and Athens Stock Exchange) is valued at €3.089 billion.

CVC 

However, according to market participants, the possibility of a major deal involving the divestment of CVC Capital-Hellenic HealthCare Group should not be ruled out. A 55%-60% disposal at a price of €1bn plus is more likely, although for some the possibility of a larger stake on behalf of Pure Health/Dubai Investment Authority is also open. Just recently, the Hellenic HealthCare Group entity has passed on the Leto clinic, with the succinct announcement from Mitera referring to an internal transfer (i.e. assets under the umbrella of the CVC Capital fund). How "internal", however, is the change of custodian - for the obstetrics and gynaecology clinic - much more so when the transaction is priced at €19.7 million and consequently reflected as a "debit" - "credit" in the fund's asset accounts. It could make sense if HHG was a holding company, a person familiar with the case explained to business insight, who believes that other "internal" transfers of clinics, maternity hospitals, laboratory units and medical centres (mainly in Athens) will follow in the near future. Presumably as part of a final asset separation before the final CVC Capital-Pure Health signings.

MOTOR OIL

Developments in the broader energy sector could be signalled by the Competition Commission's approval of Motor Oil's acquisition of Elector.

ATTICA HOLDINGS

Strix, which controls 86.7% of Attica Holdings' stake, is expected to proceed with a placement for the allocation of a sizeable minority stake, in order to expand the "free float". 

DEPA COMMERCIAL

However, the big play is being played in the energy sector, focusing on the prospect of disposing of a significant stake in HelleniQ Energy group. A sequence of developments, triggered by the acquisition of 35% of DEPA Commercial (by the group) by the Hellenic Investment Fund.   Practically, with the divestment of HelleniQ Energy from DEPA Commercial with the sale of the 35% to Hellenic Republic Asset Development Fund, a new public pole in the energy market was created. DEPA subsidiary (in electricity and gas supply) is Natural Gas of Greece, which, apart from gradually increasing its shares (in electricity supply), has a strong position in gas (it has the largest customer base in the market). I assume that, once the procedural/administrative matters with the new Super Fund etc. are completed, the process of selling DEPA or (and through) its listing on the Athens Stock Exchange will be reopened. Then, we will probably see a new shareholder in the capital increase. 

WHAT'S AT STAKE?

How is the situation (in retail)? According to IPTO data: the PPC had (in November) 49.87% of electricity consumption loads. They were followed by Protergia/Metlen with 17.05%, Heron/GEK Terna with 11.82%, Elpedison/HelleniQ Energy with 5.74% and NRG/Motor Oil with 4.72%. And Natural Gas Hellas/ DEPA Emporia with 3.48%, Zenith/ENI with 2.63%, Volterra with 1.67% (has been acquired by Metlen) and Volton with 1.26%, but also 'Thermoelectric Komotini' CEC Terna-Motor Oil. Could synergies be created in retail as well? It remains to be seen. As well as, acquisition of (another) 50% of Elpedison by HelleniQ Energy. Chairman and CEO Andreas Siamisis recently set a target for Elpedison to own 10% of the electricity market by 2026.