The energy company Elektor is acquired by Motor Oil from Ellaktoras. Specifically, Motor Oil will acquire 94.44% of Elektor for 114.73 million euros.

According to what is stated in a stock exchange announcement of Ellaktoras, the acquisition will be carried out by the Cypriot limited liability company with the name Manetial Limited, a 100% subsidiary of Motor Oil.

It is noted that the completion of the transaction is subject to the approval of the company’s General Meeting of Shareholders, as well as all other required approvals and permits, including the approval of the Competition Commission.

In detail, the Ellaktor announcement

“ELLAKTOR STOCK COMPANY” (hereinafter the “Company”), announces to the investing public that during the meeting of its Board of Directors on 10.06.2024, the following were decided:

The granting, in accordance with the provisions of articles 99, 100 and 101 of Law 4548/2018, as applicable, of a special license for the conclusion of a contract by the Company with a related party (within the meaning of article 99 par. 2(a) of Law . 4548/2018).

In particular, the Board of Directors granted its permission for the conclusion of a share purchase agreement with the Cypriot limited liability company with the name “MANETIAL LIMITED”, which, as a 100% subsidiary of the existing shareholder, company with the name “MOTOR OIL HELLAS DYILISTIRIA CORINTHOU A .E.”, is an associated company as defined in para. a of par. 2 of article 99 Law 4548/2018 of the Company, according to which:

1. The Company will sell and transfer 185,793 common registered voting shares of ELEKTOR S.A., owned by the Company, to the Cypriot limited liability company with the name “MANETIAL LIMITED”, which correspond to a percentage of 94.44% of the whole of its paid-up share capital, against a total price of one hundred fourteen million seven hundred thirty one thousand one hundred and eleven euros (€114,731,111.00), in accordance with the more specific conditions included in the binding offer dated 22.05.2024 (the “Offer”). The purchase and sale agreement (hereinafter the “Purchase Agreement”) includes customary warranty statements for such transactions, with the corresponding indemnification obligations of the Purchaser, as described in the Share Purchase Agreement, which provides for all individual contracts and corporate actions that will take place for the implementation of the specific transaction.

2. The terms of the above Share Sale Agreement are standard terms for similar agreements and its conclusion is fair and to the benefit of the Company.

3. The above decision of the Board of Directors received based on the evaluation report (“fairness opinion”) of the independent auditing company “AXIA Ventures Group Limited” on the legality and reasonableness of the transaction dated 10.06.2024, which was accepted by the Board of Directors. the company’s.

4. The approval of the above contract was provided by the Board of Directors of the Company, in accordance with the provisions of articles 99 et seq. of the law 4548/2018, as applicable and the no. 101 of Law 4548/18, publicity formalities. The completion of the above transaction is subject to the approval of the General Meeting of the Company’s Shareholders, as well as all other approvals and licenses required by law, including the approval of the Competition Commission.