Reggeborgh Invest B.V. completed the acquisition of additional 15.63% minority stake in Ellaktor S.A. for €95.2 million.
July 25, 2022
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Reggeborgh Invest B.V. launches a voluntary tender offer to acquire a 39.6% stake in Ellaktor S.A. (ATSE:ELLAKTOR) from its shareholders for approximately €240 million on May 6, 2022. Under the terms, Reggeborgh will pay €1.75 per share. Reggeborgh has entered into a framework agreement with Motor Oil (Hellas) Corinth Refineries S.A., which owns 29.87% of the shares of Ellaktor. The framework agreement provides for a three-year call option to acquire acquire 52 million shares. Motor Oil also confirmed that it will not tender its shares in the Public Offer. There is no minimum number of Shares that must be tendered in order for the Tender Offer to become effective. In case the Reggeborgh acquires more than 90% of the Ellaktor's shares, it will not exercise its right of buying out the minority shareholders' shares according to article 27 of the Law. In any case, it is the intention of the Reggeborgh to maintain the listing of the Ellaktor on the Athens Exchange. The transaction is subject to the approval of the IM by Hellenic Capital Market Commission (HCMC), whereas the acceptance period of the Tender Offer shall begin from the publication of the IM after its approval by HCMC. As of June 23, 2022, the Board of Directors of the Hellenic Capital Market Commission approved the transaction. The tender offer acceptance period will start from June 24, 2022 and ending on July 26, 2022. Goldman Sachs Bank Europe SE acted as financial advisor to Reggeborgh.
Reggeborgh Invest B.V. completed the acquisition of additional 15.63% minority stake in Ellaktor S.A. (ATSE:ELLAKTOR) for €95.2 million on July 26, 2022. As a result, following the completion of the acquisition of the tendered shares, the offeror holds an aggregate of 160,680,530 shares, corresponding to 46.15% of Ellaktor.
ELLAKTOR S.A. is one of the leading Greek construction groups. Net sales break down by activity as follows :
- construction of infrastructures and buildings (57.5%) : roads, highways, bridges, hydraulic facilities, production sites, offices, etc.;
- development and operation of infrastructures under concession (28.5%): toll roads, airports, tunnels, parking facilities, etc.;
- supply of energy and environmental services (13%) : electricity production (primarily from wind, photovoltaic, and biogas energy), waste treatment and management, construction of treatment facilities, etc.;
- real estate development (1%): development of residential complexes, leisure centers, and shopping centers.
Net sales are distributed geographically as follows: Greece (78.1%), Europe (17.2%), Americas (3.9%), Middle East (0.8%).
ELLAKTOR S.A. 
