According to Thursday’s decision: “ATTICA HOLDINGS S.A. (Company), based on the decision No. 827/2023 of the Competition Commission dated 3.8.2023, announces that the Plenary of the Competition Commission unanimously approved the relevant previous notification of the Company for the merger through absorption of ANEK S.A. by ATTICA.”
The HCC said that the merger of the two companies will not significantly limit competition in the Greek maritime transport service market.
Regarding the terms of the merger, it is reminded that Attica last September announced to stock exchange authorities that an agreement had been reached between Attica and ANEK’s largest creditors (i.e. Piraeus Bank, Alpha Bank, Astir NPL Finance 2020-1 Designated Activity Company, Cross Ocean AGG Company I) as well as with ANEK shareholders (Piraeus Bank, Alpha Bank, Attica Bank, Cross Ocean AGG Company I and Varmin) that represent 57.70 percent of the company’s total share capital for:
– 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).
On its part, Attica said the merger “will benefit the shareholders, employees and suppliers of the two companies and the Greek passenger shipping in general”.
Attica Group operates 35 vessels in total, which provide modern and high quality transportation services in Greece and abroad.
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.
The Attica Group-ANEK merger is subject to conditions and approvals of the competent corporate bodies. The process is expected to be completed by November.