Greece's AKTOR Group and Motor Oil Group have entered exclusive talks over the acquisition of a 75% stake in environmental services companies HELECTOR and Thalis Environmental Services, in a deal that could further consolidate the country's fast-growing waste management and circular economy sector.
According to the companies, the transaction could be structured either through the purchase of a 75% stake in Manetial Limited, the parent company of both businesses, or through the direct acquisition of the same percentage in HELECTOR and Thalis.
The parties have agreed to a period of exclusivity aimed at finalizing a share purchase agreement and a shareholders' agreement.
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The proposed transaction is also noteworthy from a valuation standpoint. Motor Oil acquired a 94.44% stake in HELECTOR in 2024 for €114.7 million, implying an equity value of roughly €121.5 million for the company.
Thalis Environmental Services generated revenue of €88.1 million in 2024 and posted net profit of €5.16 million. The company reported shareholders' equity of €48.3 million and debt of just €1.04 million. Based on valuation multiples of comparable international environmental services companies, Thalis is estimated to be worth between €60 million and €75 million.
On that basis, the combined value of HELECTOR and Thalis is estimated at between €181 million and €196 million, implying a value of €136 million to €147 million for the 75% stake under negotiation. The final valuation could prove higher once potential synergies, a sizeable project backlog, public-private partnership contracts and the long-term growth prospects of the waste management market are taken into account.
For AKTOR, the acquisition would mark a significant expansion in environmental infrastructure, adding a portfolio of operating assets, expertise in waste-to-energy generation and a strong presence in waste management, wastewater treatment and circular economy projects. The deal would also bolster the group's earnings before interest, taxes, depreciation and amortization (EBITDA) and increase the share of recurring revenues, a central element of its long-term strategy.
