Aktor has opened its book of offers for a share capital increase of up to €650 million, to be carried out through a combined offering targeting both Greek retail and institutional investors, as well as international investors via private placement.
According to the official announcement, the group is launching a combined offering of up to 78,000,000 new ordinary, dematerialized, voting shares with a nominal value of €0.30 each, at an offering price not exceeding €13.52 per new share, with the aim of raising gross proceeds of €650 million as part of its capital increase. The plan calls for the completion of the book building process by Wednesday, July 22, to be immediately followed — most likely on Thursday, July 23 — by an international bond issuance worth €300 million, for which strong investor interest is also anticipated. This will effectively close the financing chapter and immediately open the implementation phase of the group’s €3 billion investment plan.
Speaking at last week’s General Shareholders’ Meeting, Group Chairman and CEO Alexandros Exarchou stated that during his intensive meetings with representatives of foreign funds in recent months, he received very strong expressions of investment interest — meaning there is a high probability that the demand generated could pave the way for raising an amount exceeding the initial target.
A key factor underpinning the confidence in this undertaking is the fact that the issuance is fully underwritten by three major banks: UBS, Bank of America, and Goldman Sachs. Equally significant is the commitment from the group’s three major shareholders — Winex (in which Mr. Exarchou himself participates alongside Dimitris Bakos and Giannis Kaymenakis), Castellano (the Gotsis family), and Blue Silk (K. Angelou) — who have pre-announced their participation in the capital increase with a combined contribution of €350 million, maintaining their roles as cornerstone investors. Their individual shareholding percentages may be slightly diluted, as broadening and internationalizing the shareholder base and increasing the free float remain an absolute priority for management.
AKTOR Group: The €3 billion+ investment plan
AKTOR’s management aims to transition toward a diversified business model. The new model places construction, concessions (including water and waste management), renewable energy, and LNG at its core. As Mr. Exarchou emphasized at the General Meeting, diversification does not mean retreating from the construction sector. “We are not reducing our presence in construction. We are seeking to strengthen it, while simultaneously creating safe and predictable cash flows from other activities,” he stated.
Through this strategy, AKTOR seeks to reduce its dependence on the traditional construction model and strengthen its portfolio with activities that offer greater longevity, more stable returns, and better revenue visibility.
LNG and the agreement with Motor Oil for the FSRU “Dioriga Gas”
LNG holds a prominent place in the investment plan, centered on the agreement with Motor Oil for the joint development of the floating storage and regasification unit (FSRU) “Dioriga Gas” at Agioi Theodoroi, which is expected to be finalized in the near term.
AKTOR’s CEO described this agreement as pivotal for the group’s new business strategy, as it marks the vertical integration of the group’s LNG operations, following its entry into the trading segment through AKTOR LNG and Atlantic SEE LNG in partnership with DEPA Commercial. The project gains additional significance in the context of the Vertical Corridor, which enhances the role of Greek natural gas and LNG infrastructure in supplying markets across Southeastern and Central Europe.
Acquisition of 75% of Thalis and HELECTOR nearing completion
In the circular economy and environmental infrastructure space, a key move is the agreement to acquire 75% of Helector and Thalis from Motor Oil, a deal expected to close by September. As Mr. Exarchou explained, the acquisition of both companies will lead to a significant increase in revenues from activities that provide greater stability and predictability.
AKTOR Renewables
A significant portion of the capital raised is expected to be directed toward the group’s energy arm. AKTOR plans to accelerate its renewable energy and storage portfolio, targeting 500 MW in operation by year-end through solar photovoltaic projects and energy storage units. The target rises to 1 GW by 2027, and the group is also in negotiations to acquire battery energy storage units in Bulgaria.
According to the roadmap presented by Mr. Exarchou, the ultimate goal is to create a fully vertically integrated energy platform encompassing generation, storage, and retail electricity presence. In a subsequent phase, and subject to market conditions, the plan envisages the listing of AKTOR Renewables as an independent company on the Athens Stock Exchange by 2030.
Growth through controlled leverage
The question of debt leverage was also central to the AKTOR Group CEO’s address at the General Meeting. He stressed that the investment program has been designed to avoid jeopardizing the company’s financial stability and its ability to meet its obligations smoothly. “We will never again go through what we experienced in the past. We want to make AKTOR great again. The group’s financial strength will be measured by the health of its balance sheet relative to its debt,” he stated emphatically.
Upon completion of the capital increase and bond issuance, AKTOR will have substantially established the financial foundation for its investment program. Management has set a medium-term target of €2.3–2.8 billion in revenues and adjusted EBITDA of €375–425 million for the 2028–2029 period, while for 2030 and beyond, it projects revenues of €4.5–5 billion and adjusted EBITDA of €600–700 million.
