Reggeborgh Invest’s Cash Offer for Ellaktor

In UK Milbank LLP, advised on the matter.

Milbank LLP advised Goldman Sachs & Co. with a team including Apostolos Gkoutzinis (Picture – Debt Capital Markets).

Goldman Sachs acted as Financial Advisor to RB Ellaktor Holding B.V., a special purpose vehicle established by Reggeborgh Invest B.V. (“Reggeborgh”), as offeror on its all cash offer to acquire Greece’s Ellaktor for a price of €1.75 per share, representing a premium of circa 32% to 6-month VWAP (the “Offer”). The Offer was announced on May 6, 2022. The acceptance period for the Offer commenced on June 24, 2022, following publication of the information memorandum, and will close on July 26, 2022. The Offer is not subject to any minimum acceptance threshold nor any other condition. The result of the Offer will be announced within two business days of the expiry of the acceptance period. The transaction is expected to close shortly thereafter.

Reggeborgh is a Dutch investment company that, on launch of the Offer, holds an interest of approximately 30% in Ellaktor’s share capital.

Ellaktor is a Greek diversified renewables, concession and construction company that is listed on the Athens stock exchange. On announcement of the Offer, Ellaktor had an enterprise value of approximately €1.5 billion.

The Milbank team was led by Global Capital Markets partner Apostolos Gkoutzinis (Picture) and special counsel Joji Ozawa and Global Corporate Finance special counsel Andrew Reilly. Milbank’s role in this transaction highlights our strength in international public M&A and our continuing position at the forefront of the Greek market.

Involved fees earner: Apostolos Gkoutzinis – Milbank LLP; Joji Ozawa – Milbank LLP; Andrew Reilly – Milbank LLP;

Law Firms: Milbank LLP;

Clients: Goldman Sachs & Co.;

Author: Giulia Di Palma