WOOD Flash – Motor Oil Hellas: deal with Ellaktor – strong expansion into RES
Motor Oil Hellas is to acquire 29.8% of construction group Ellaktor, and 75% of its renewable energy subsidiary. Reggeborgh, the largest shareholder in Ellaktor, will buy back half of Motor Oil’s stake in the group at a later date, leaving it with 15% ownership. Currently, the renewables business has 500MW of wind capacity and generated EUR 84m in 2021. The partners have put an enterprise value of EUR 1.0bn on the renewables business. The total cash outlay for these acquisitions will be about EUR 510m, on our estimates. Motor Oil will have about EUR 2.0bn in net debt after the deal is closed, which would be 4x EBITDA for 2021, but is, currently, enjoying far better margins than last year, so we expect a rapid decline in leverage. We believe that the wind power business is a good fit for Motor Oil’s long-term strategy, but that an investment in the Ellaktor group itself does not generate any synergies for Motor Oil.Autohellas is a Hertz national franchisee. Co. is engaged in the rent-a-car segment, comprising of renting (short-term lease) and fleet management (long-term lease and fleet management) in Greece, Bulgaria, Cyprus, Romania, Serbia and Montenegro. Renting covers the needs of both individuals and companies for occasional, small duration rentals up to 1 year long.
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