The restructuring of Ellaktor’s portfolio seems to be gradually being completed by the listed company’s top executive, Henry Holterman, who also put up a “sale” in the concessions sector this week.
The Dutchman, who has been a Greek citizen since 2022, is preparing to finalize a series of important deals that have taken place over the last 2.5 years and which have led to significant cash returns.
The latter is particularly important, if we take into account the timing and the fact that the businessman is currently “looking” to increase his percentage in Alpha Bank.
The cycle of deals
The adventure of the businessman with Ellaktor began in 2020-2021, when he decided to leave GEK TERNA and “jump” to the historic construction company, which was founded in the 1970s and flourished for several decades.
After several difficult “battles”, Holterman managed to consolidate his dominance over the remaining shareholders launching the Group’s restructuring program.
Specifically, he held discussions with Motor Oil, which, among others, acquired a shareholding in Ellaktor, but also the former Intrakat / current Aktor Group of Alexandros Exarchou.
At the end of 2022, Holterman sold 75% of Anemos, a subsidiary in the renewable energy sector, to the Vardinogiannis family for 671.5 million euros. The remaining 25% was transferred a year later for 123.5 million euros.
In the meantime, the sale of Smart Park to Trade Estates was completed for 93 million euros, as well as the sale of AKTOR to the former Intrakat for 100 million euros. In early 2025, the transfer of Elector, a subsidiary in the circular economy, to Motor Oil (114 million euros) followed.
The pending issue of AKTOR Concessions is also expected to be finalized by the end of April.
Dividends
All of the above may have stripped Ellaktor’s portfolio (only Reds remains in real estate development), but they have on the one hand improved its financial position, on the other hand led to generous distribution of dividends, with the Dutchman being among the main beneficiaries, given that he controls 52% of the share capital.
Last year the amount of 174 million euros (0.50 euros/share) was returned to shareholders, while at the end of March (31/3) an additional 295 million euros (0.85 euros/share) will be paid out. This is a total of almost 470 million euros in a few months!
