Negotiations for the acquisition of Aktor Concessions by the Aktor Group are progressing smoothly, with competent sources indicating that the final offer will be submitted towards the end of the month (i.e. within the schedule) so that the signing of the agreement can follow.
Meanwhile, at the beginning of the month (03.04.2025), the Aktor Group proceeded with the establishment of its new subsidiary that will welcome Aktor Concessions. The creation of a subsidiary for concessions and PPPs is part of its transformation into a holding company with five subsidiaries to which its activity will be shared.
500-550 million euro value
According to construction market estimates, the value of Aktor Concessions ranges between 500 and 550 million euros. Taking into account the existing obligations that the new owner will assume, the estimated cost for Aktor, upon signing the contract, amounts to 160-180 million euros.
The above estimate takes into account the fact that Ellaktor issued a Joint Secured Bond Loan of 275 million euros (Piraeus Bank) at the end of January, with a discount of future inflows from existing concession contracts, while Aktor Concessions will receive an amount of 100-140 million euros in the future from the liquidation of the company that until recently managed the Attiki Odos (the concession contract for the motorway now belongs to GEK Terna).
The valuation of the concessions company, the discounting of future cash flows (income from dividends, etc.) from the concessions is mainly taken into account (Ellaktor’s last report saw revenues from Aktor Concessions amounting to 1 billion euros in the coming years), the duration of the contracts and the company’s borrowing.
Financial results
Based on the most recently published financial results, Aktor Concessions had revenues of 220.7 million in the nine-month period, up 7% compared to the corresponding period of 2023 and EBITDA (earnings before interest, taxes, depreciation and amortization) of 158.6 million euros, up 16%. However, a significant portion of its revenues came from Attiki Odos, which is no longer part of its portfolio.
