It’s a deal! INTRAKAT acquires AKTOR reshaping the landscape of the Greek construction industry

The construction sector is entering a new era after the signing of the agreement for the purchase of all AKTOR shares by INTRAKAT. The momentum that has developed in the infrastructure sector comes to be confirmed once again in the last two years with yet another major investment agreement.

Its result, if approved by the Competition Commission, creates a second giant among the country’s major Groups and is coming to change the current status quo.

GEK TERNA Group remains consistently the biggest force in the sector with an unutilized amount reaching 5 billion euros. Thanks to AKTOR’s large unutilized amount, INTRAKAT now reaches 4 billion euros (image of 9 months 2022) and appears as the new big pole. We should clarify that with the acquisition of AKTOR‘s shares, INTRAKAT also acquired its subsidiary TOMI S.A, which also has a number of noteworthy projects.

As stated in the information note, the sizes of the two companies combined with the know-how and experience they possess in the construction industry create the conditions for them to claim an even greater share of projects. The new project contracts signed by the INTRAKAT Group in the first nine months of 2022 amount to €406.4 million, while Aktor secured projects worth €723 million in the same period. Both companies recorded positive performances in the nine months of 2022 with increased revenues, at €148.3 million, INTRAKAT and at €380 million, Aktor.

INTRAKAT will focus on Construction – Infrastructure, Renewable Energy Sources, PPP and Concessions, Waste Management and Real Estate, fields in which the greatest business opportunities are presented.

The next big battles against the traditional powers of GEK TERNA, AVAX and Mytilineos will be fought for the main section of VOAK (Chania-Heraklion-Hersonissos), the new concession period of the Attiki Odos, the extension of the Metro to Ilion, the motorway of Ioannina-Kakavia project and the major railways of the competitive dialogue.

The great projects of the new powerful consortium

After the completion of the agreement and subject to the approval of the Competition Commission, the consolidated AKTOR and INTRAKAT have a presence in almost the entire spectrum of the country’s construction world.

The INTRAKAT Group will now own emblematic projects such as the basic line of the Thessaloniki Metro, the extension of the Metro to Kalamaria, the supply of 15 new trains to the Thessaloniki Metro (with Hitachi) and the preliminary works in the west of the city, the Sepolia railway tunnel, the electrification of the Larissa-Volos line, the Phase B projects at the Athens railway station, projects in the Patra-Pyrgos section, the Neapolis-Agios Nikolaos section of VOAK, the Lefkada road connection, the OLTH road connection with the motorway network, the bypass of Pythagorio in Samos.

Also, the large building project for the Riviera Tower in Elliniko, sewers in Eastern Attica and Aegialia, natural gas expansion networks in the Region, the settlement of the streams of Eschatia, the Great Stream of Rafina and Giannoula (Thriasio Pedio), flood protection in the area of Lachanagora of Thessaloniki , the irrigation networks in Prespes, the expansion of the Thessaloniki water treatment center, the upgrade projects at the Paros airport, the water supply networks in Achaia from the Peiro-Parapiro Dam, important projects for DEDDIE (HEDNO) etc.

Contractors and project participants

At the same time, AKTOR-INTRAKAT participates in many projects and in several of them they are already temporary contractors. The most important of these are:

Contractors: in the section of VOAK Hersonissos-Neapoli (with GEK TERNA), Kalamata-Pylos-Methoni (with AKTOR CONCESSIONS), Attiki Odos: extension of Kymi Av. (with TERNA), bypass of Gialova, new Panathinaikos stadium (with TERNA and Mytilineos) , PPP for student residences in Crete, the land improvement projects in the region of Ambrakia, the water supply of Rhodes from the Gadoura Dam, etc.

They participate in tenders for: Road PPPs Thessaloniki-Edessa and Amphipolis-Drama, building PPP student residences of Thrace, Thessaly, new building of GS of Infrastructure, 13 Regional Centers of Civil Protection, 17 schools of Central Macedonia, PPP of Courthouses of Macedonia and Greece, Court of First Instance-Prosecution Office of Athens, 5 Police Buildings.

Also in the project of converting Silo (PPA) into a Museum of Marine Antiquities, Bramiano Dam. Additions to the irrigation-PPPs for the Havria Dam, Enipea of Farsalon, the Minagiotiko Dam, the Tavropos networks, etc.

The “new” Ellaktor

For its part, Ellaktor, after the departure of AKTOR, changed its DNA, basically from a construction company to an asset management group. It will now focus on Concessions and PPP projects / Waste Management and Development – Property Management. In particular, the PPP sector presents significant opportunities for Ellaktor Group in the fields of Transport, Building and Tourism Infrastructure and the Environment.

Through this agreement there is a belief that after this transaction the ELLAKTOR Group:

-further strengthens its financial position, by strengthening its operational and net profitability and the corresponding profit margins.

– It significantly enhances its liquidity and consequently its ability, on the one hand, to seamlessly finance its investment plan and, on the other hand, to return capital to shareholders.

– Gains flexibility and the ability to utilize these funds in order to focus on profitable activities in the infrastructure sector, with higher returns and lower risk.

As noted in the concessions, the projected cash flows from existing projects exceed 1.3 billion euros in the coming years. In the Environment Sector, the Group continues to provide innovative environmental services to the country through ΗΕLECTOR, which applies cutting-edge technologies in the waste management and green energy production sector, with annual revenues of over €120 million.

Additionally, the Group maintains holdings in the Real Estate Development Branch through REDS. REDS is expected to develop an ambitious investment plan of €400 million (Gournes – Kampas). Finally, through ANEMOS RES, in which it holds a 25% stake, it is active in the Renewable Energy Sector.