The Vardinogiannis Group, which controls oil refiner Motor Oil, has reached an agreement worth more than 930 million euros with the shareholders of construction group Ellaktor.
The takeover of 29.87 % stake in Ellaktor is already agreed, while the Group is still negotiating the acquisition of 75 % of Ellaktor’s renewable energy sources arm. Motor Oil confirmed that it has agreed to buy 104 million shares at a price of 1.75 euros/share, for a total sum of 182 million euros.
The Vardinogiannis Group has agreed to a provisional deal for takeover of 75 % stake in Ellaktor’s RES activities, with the creation of a new company to absorb the RES portfolio that currently amounts to 493 MW, as well as a series of projects under construction with a total capacity in excess of 1.6 GW. It has been agreed that the value of that company will amount to 1 billion euros, meaning that the 75 % stake Motor Oil will acquire amounts to 750 million euros.