Following the Competition Commission's approval, Motor Oil announced the acquisition of Elector yesterday, signaling the beginning of a new chapter that will position the group as a leader in the circular economy in Southeast Europe.

FORECASTS

Motor Oil estimates that the acquisition of Elector, with the performance recorded in the 12 months to 30/06/2024, with the group's other circular economy activities (Thalis, Prasino Ladi, LPC), would already 

Revenue: €320 million.
EBITDA: approximately €40 million. 

THE DEAL

The deal started to be examined by the Competition Commission on 23 October 2024, when it assessed that serious doubts were identified as to its compatibility with the requirements for the operation of competition in the individual markets to which it relates, and was again under discussion since the first meeting in 2025, when it was decided to approve the acquisition. Thus, yesterday Motor Oil acquired 185,793 registered shares in Elector, representing 94.44% of its share capital, through its subsidiary Manetial Limited for  As noted in a previous Motor Oil announcement, the Board took into account the Deloitte valuation report of €114.731 million.

THE OTHER ACQUISITIONS

This acquisition comes as a continuation of the group's investments in the circular economy sector. They had already preceded it:

• The acquisition of Thalis in 2023
• The acquisition in 2022 of Verd

Helector has expertise in the sectors

• Waste management
• recovery of recyclable materials
• renewable electricity generation from waste. 

With a vertically integrated operation, it is active in the full range of design, construction and operation of modern waste treatment plants, waste-to-energy and the management of specific waste streams.

As of 30/6/2024, Elector had a €110 million backlog of construction and operation of circular economy plants.

In 2023, it had in operation:

• 4 MSW plants
• 4 municipal waste treatment plants with an annual capacity of approximately 900,000 tonnes,
• 2 medical waste treatment plants,
• 4 biogas power plants with a total installed capacity of more than 32 MW.

THE ACTIVITIES IN 2024

Within 2024, Helector: 

• Was selected as the provisional contractor for the contract "Construction of a landfill site (landfill of residues) in the Municipality of Acharnon-Asterousia," with a contract price of €2.9 million.
• Signed, through a consortium in which it participates with 83%, the 2nd amendment to the contract for the project "Design, construction of works for the first phase of the rehabilitation of the OEDA of West Attica and transitional waste management," with a contract value of €1.9 million.
• It was awarded as a provisional bidder for the contract "Construction of Waste Treatment Plant and Biowaste Treatment Plant within the Landfill of the 2nd DE (Agrinio Unit)". The contract construction budget amounts to €15.5 million, plus an option of €16 million. Operating budget of €31.7 million for 6 years, with an option of €31.7 million for an additional 6 years.
• Provisional contractor for the contract "Interconnection of Amyndeon district heating with the integrated district heating network of Western Macedonia," with a total contract price of €21.4 million.