The AKTOR Group is moving forward with one of the most significant business deals of the year, acquiring a 75% stake in ILECTOR and THALIS as part of a strategic partnership with the Motor Oil Group. The agreement, which covers the acquisition of 75% of the parent company MANETIAL LIMITED, values the two companies at €300 million (Enterprise Value) and is expected to significantly strengthen AKTOR’s presence in the circular economy, waste management, and water cycle sectors. Completion of the transaction is anticipated by the first quarter of 2027, pending the necessary regulatory approvals.
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The AKTOR Group deal
Under the terms of the transaction, the Enterprise Value of the two companies has been agreed at €300 million (on a 100% basis). The final transaction price will be determined on the closing date, following the deduction of net debt, plus cash and cash equivalents as they stand at closing, and any other adjustments provided for in the terms of the Binding Agreement. It is noted that the combined EBITDA of the companies being acquired reached €40.8 million for 2025, while for 2026 it is estimated to exceed €41 million.
Completion of the transaction is subject to the customary conditions for such deals, including approval by the Competition Commission, and is expected to be finalized no later than the first quarter of 2027.
AKTOR Group Chairman and CEO Alexandros Exarchou commented: “With the acquisition of a majority stake in ILECTOR and THALIS, we are launching our strategic partnership with the Motor Oil Group in the field of circular economy and water resource management. This agreement will strengthen our footprint and expertise in environmental projects, open up even more market opportunities, and accelerate our goal of expanding our activities and growing recurring revenue streams. We have said many times before — and we never tire of repeating it — that consistency between words and actions is our foremost principle, and this particular partnership confirms our commitment: to make the AKTOR Group even greater.”
ILECTOR and THALIS operate in the waste management sector, with a focus on the operation and exploitation of waste treatment facilities and concession projects (PPPs) in Greece and abroad, as well as the design and construction of waste management projects and environmental infrastructure, respectively.
Strengthening the environmental sector
Through this acquisition, the AKTOR Group will further consolidate its position in the environmental projects market and in the rapidly growing circular economy sector — an area in which it is already highly active — adding a leading project portfolio to its operations. In this context, the deal will expand opportunities in waste management PPP projects, complement the portfolio with significant operational assets, bring valuable experience and know-how, and boost EBITDA, in line with the Group’s strategy to diversify its EBITDA mix and grow recurring revenue streams. At the same time, it will generate significant operational synergies across the Group’s other business divisions.
Energy from waste
ILECTOR has extensive experience in waste management and green energy generation through Waste-to-Energy (WtE) processes, having delivered major projects both in Greece and internationally — several of which were implemented in collaboration with AKTOR ATE. The company currently operates 7 municipal solid waste treatment facilities in Greece and Cyprus, 2 hazardous clinical waste management facilities, and 4 energy generation plants utilizing biogas captured from sanitary landfill sites (ΧΥΤΑ), with a total installed capacity of over 33 MW.
Major projects and PPPs
In addition, ILECTOR has signed new contracts for the construction of waste treatment facilities in Agrinio, the turnkey construction of a High-Efficiency Combined Heat and Power (CHP) unit for PPC at the Kardia power plant, a waste processing and management project on the island of Andros, environmental projects in Crete and Germany, among others. The company is also implementing the significant PPP project for waste management in Western Macedonia — the first of its kind to be tendered in Greece. This sector is of high strategic interest to the AKTOR Group, as public procurement processes for a series of waste management PPP projects and other environmental schemes continue to mature.
Expertise in the circular economy
THALIS complements ILECTOR perfectly, bringing its own extensive experience in environmental projects and the circular economy, having delivered dozens of related projects across Greece. The company provides integrated solid waste management solutions, operates in the waste-to-energy sector, holds a particularly strong position in the water circular economy, and offers soil remediation and contaminated land management services. THALIS has a significant presence in Crete and Northern Greece, with an impressive project delivery record, and has also entered the field of digitalization of environmental infrastructure and smart city projects. Among its many projects, those in Crete stand out particularly — where the company is constructing or upgrading wastewater treatment plants that will contribute to more efficient irrigation of large agricultural areas across the island.
