Aktor has signed a binding agreement with Motor Oil to indirectly acquire a 75% stake in HELECTOR and THALIS E.S., in a transaction valuing the two companies at an enterprise value of €300 million. The deal is expected to close by the first quarter of 2027, subject to the required regulatory approvals, including clearance from Greece’s Competition Commission.

The companies being acquired reported combined EBITDA of €40.8 million in 2025, while operating earnings are projected to exceed €41 million in 2026. The final purchase price will be determined at closing after adjustments for net debt, cash balances, and other terms specified in the agreement.

Aktor’s announcement

AKTOR HOLDINGS S.A. informed investors, in accordance with EU Market Abuse Regulation (EU) 596/2014 and the Athens Stock Exchange regulations, that it has signed a binding share purchase agreement (SPA) with Motor Oil (Hellas) Corinth Refineries S.A.

Under the agreement, Aktor will acquire 75% of MANETIAL LIMITED, the holding company that owns 100% of HELECTOR S.A. and THALIS E.S. S.A., resulting in Aktor’s indirect acquisition of a 75% stake in both companies.

The transaction remains subject to customary closing conditions, including approval from the Hellenic Competition Commission, and is expected to be completed no later than the first quarter of 2027.

The agreed enterprise value of HELECTOR and THALIS is €300 million (100% basis). The final consideration will be calculated at closing after deducting net debt, adding available cash, and applying other contractual adjustments.

HELECTOR specializes in waste management, operating waste treatment facilities and public-private partnership (PPP) concession projects in Greece and abroad. THALIS E.S. focuses on the design and construction of waste management and environmental infrastructure projects.

According to Aktor, the acquisition forms part of the group’s long-term strategic plan and significantly strengthens its presence in the rapidly growing circular economy and environmental services sector. The company expects the acquisition to create substantial operational synergies with its existing business activities.

Motor Oil confirms the agreement

Motor Oil also confirmed the signing of the binding share purchase agreement for the sale of 75% of MANETIAL LIMITED to Aktor.

The company reiterated that the agreed enterprise value amounts to €300 million, while the final purchase price for the 75% stake will be determined upon completion of the transaction after accounting for net debt and other contractual adjustments.

Motor Oil noted that HELECTOR operates in waste management, with a focus on waste treatment plants and concession projects, while THALIS E.S. specializes in engineering and construction services for waste management and environmental infrastructure.

The transaction remains subject to customary closing conditions, including all necessary approvals from the relevant regulatory authorities.