Attica Group Reaches Deal to Absorb ANEK Lines

Cretan coastal shipping company ANEK Lines will be absorbed by Attica Group following a merger agreement announced on Wednesday.

More specifically, according to a company announcement, Attica Group reached an agreement with shareholders and creditors of ANEK that provides for the following:
– the merger by absorption of ANEK at an exchange ratio of one common or preference share of ANEK to 0.1217 new common registered shares of Attica and
– the payment by the post merger entity of the amount of 80 million euros in full and complete
repayment of ANEK’s loan obligations to creditors that add up to some 250 million euros (including interest).

ANEK’s creditors include Piraeus Bank and Alpha Bank.

Following the announcement, Attica’s and ANEK’s Boards of Directors were expected to convene to decide on the commencement and the various parameters of the merger process, including the proposed exchange ratio, which will be subsequently confirmed by an independent expert report as to its fairness.

The merger will then be submitted for approval to the general meetings of the shareholders of the two companies.

According to Attica Group, the transaction “will benefit the shareholders, employees and suppliers of the two companies and the Greek passenger shipping in general”.

The absorption of ANEK by Attica Group is expected to be completed in early 2023, once the agreement is approved by the Hellenic Competition Commission.

The passenger ferries that Attica will add to its portfolio after absorbing ANEK are Elyros, Eleftherios Venizelos, Olympic Champion, Hellenic Spirit, Kydon, Crete I, Crete II and Prevelis.

A member of Marfin Investment Group (MIG), Attica Group is active in passenger shipping through Superfast Ferries, Blue Star Ferries, Hellenic Seaways and Africa Morocco Link.

Attica Group operates 35 vessels in total, which provide modern and high quality transportation services in Greece and abroad.