Greece’s Aktor Group and Motor Oil have entered into exclusive negotiations for Aktor’s acquisition of a 75% stake in waste management and environmental services companies Helector and Thalis, the companies said.
At the same time, the two groups are discussing a potential partnership in Greece’s second floating storage and regasification unit (FSRU) project. Aktor said on Thursday that, as part of its expansion into the natural gas sector, it is evaluating various investment opportunities, although no final decision or binding agreement has been reached regarding the FSRU project.
The discussions come days after Aktor announced plans for a 650 million euro share capital increase and a 300 million euro bond issue to support investments totaling 3 billion euros over the next five years.
Among the key projects currently undertaken by Helector are waste treatment plants in Agrinio, the Western Macedonia waste management public-private partnership (PPP) project, the Andros waste management project, environmental infrastructure projects in Crete and Germany, and the construction of Public Power Corporation’s high-efficiency combined heat and power (CHP) unit at the Kardia power station.
According to its latest published financial statements, Helector reported revenue of 99.2 million euros and EBITDA of 21.9 million euros in 2024.
Thalis complements Helector’s activities through its focus on the design and construction of waste management and environmental infrastructure projects, water circular economy solutions, contaminated land remediation, and digital applications for environmental infrastructure and smart city projects.
If completed, the acquisition would significantly strengthen Aktor’s presence in environmental infrastructure and the circular economy, adding operating assets, technical expertise and businesses generating recurring operating revenues to its portfolio. The move comes as Greece is expected to launch new PPP tenders for waste management and other environmental infrastructure projects, creating fresh investment opportunities in the sector.
The transaction could be structured either through the acquisition of a 75% stake in Manetial, the parent company of Helector and Thalis, or through the direct purchase of the same stake in each company. Completion remains subject to regulatory approvals and the signing of definitive agreements.
Hlectror, originally developed within the Ellaktor group, operates in waste management with a focus on municipal waste treatment facilities and concession-based PPP projects.
The company currently operates seven municipal solid waste treatment plants in Greece and Cyprus, two hazardous clinical waste management facilities, and four landfill biogas power generation units with a combined installed capacity of approximately 33 megawatts.
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