INTRAKAT-AKTOR: a new “giant” in the Greek construction industry is in the making

It is now a matter of time before the biggest construction deal for 2023 is closed, which concerns the acquisition of AKTOR by INTRAKAT. According to information, we are now in the phase of exchanging the legal texts where with their signature will seal the big business agreement.

The financial closing of the deal according to sources amounts to 215-217 million euros. With this amount, INTRAKAT buys 100% of AKTOR’s shares, the unutilized amount and its obligations. The announcement of the agreement is expected shortly and will also need the green light of the Board of Directors of the two sides.

Upon reaching the agreement, in order to close the deal, it will have to go through the Competition Committee, to get approval and will be completed with the formal signatures.

INTRAKAT No. 2 in the whole sector

With this agreement, INTRAKAT jumps to the second place in terms of unutilized amount in the domestic construction industry. According to estimates after the acquisition of AKTOR, INTRAKAT will surpass 4 billion euros in projects and backlog, with data for the 9 months of 2022.

The ongoing agreement happened after the new written proposal of INTRAKAT and the subsequent negotiations which proceeded at a very fast pace. The leaked contacts came out in the middle of last week and on Friday there were also the official stock market announcements from both sides.

The investment consortium of the Dim. Mpakou, G. Kaimenaki and Alex. Exarchou came to stay in the construction industry and just a few months after the acquisition of INTRAKAT, fifth in terms of unutilized amount and turnover, they are proceeding with the acquisition of AKTOR, a historical technical company.

In addition, very quickly, the quote of Mr. Exarchou a few months ago for the ambition of INTRAKAT to become No. 2 in constructions, becomes – as long as the ongoing negotiation is completed, a reality.

The collaboration 

INTRAKAT may be acquiring AKTOR, but according to sources familiar with the matter, the door to cooperation with the Ellaktor Group is also being opened. This will be done through AKTOR’s cooperation with AKTOR CONCESSIONS.

Exactly how INTRAKAT-AKTOR and AKTOR CONCESSIONS will cooperate in the projects of the latter, will be clarified through the pending agreement. It is certainly one of the most interesting points as it is the first time, for Greek standards, where the construction branch of a group splits off and becomes part of a new group.

Let’s remember, for example, that the AKTOR CONCESSIONS-INTRAKAT consortium is the contractor for the Kalamata-Pylos-Methoni PPP road project and participates in the scheme for the VOAK section, Hersonissos-Neapoli, while AKTOR and INTRAKAT are temporary contractors for the extension of the  Kymi Av.

It will also be interesting to see how the presence of ELLAKTOR and INTRAKAT will develop in the many ongoing tenders, such as the tenders for many PPP building projects.