The new company after the merger of Intracom Properties and I. Kloukinas – I. Lappas (KLM) will have a real estate value of 121.3 million euros and annual rental income of 7 million euros.
The main activities of the company will focus on real estate and insurance, as the acquisition of Europa Insurance has been agreed upon, while its final name will be Europa Holdings.
The merger is expected to be concluded by November 15, 2024 and is subject to the approval of the general meetings of the two companies – KLM and Intracom Properties – which will take place by the beginning of November, as well as subject to all other statutory approvals and permits.
The boards of directors of the merging companies proposed an exchange ratio of Intracom Properties shares equal to 1 of its shares for 0.9301042961 new KLM shares, while KLM shareholders will keep the number of shares they own in Intracom Properties unchanged.
Intracom Holding will own 66.364% of its share capital in Europa Holdings and Green Hydepark Investments LIM, which is 100% owned by the shipowner George Moundreas, 8.498%. Retail investors will participate with 25.138%.
The merger will aim for the substantial expansion and strengthening of the real estate portfolio of Intracom Properties, with its development in strategic market sectors. This will lead to a significant improvement in its net worth and profitability, ensuring the strengthening of its capital and flexibility in its future investment strategies.
The aim is to further strengthen its real estate investment portfolio.
The acquisition of “Europe Insurance”
In the meantime, the negotiations for the completion of the acquisition of Europa Insurance will be continued by the new company in order to simplify the process and facilitate the transaction.
Intracom Properties signed on May 29, 2024 a binding Framework Memorandum of Agreement with Nikolaos Makropoulos, sole shareholder of Europa Insurance for the acquisition of the insurance company.
After the completion of this transaction, the new company that will result from the merger of Intracom Properties and KLM will also enter the insurance services sector, in particular general insurance, but also guarantees and construction insurance.
Europe Insurance is currently licensed for all branches in general insurance, however its main activity is focused on the property sector, where it specializes in the insurance of major industrial, commercial and financial risks and in the transport insurance sector. At the same time, recently it has also been developing the vehicle liability insurance sector.
