Ellaktor to absorb and merge with EL.TECH. Anemos at an implied combined €1.35bn EV

Ellaktor SA has decided to commence the process for the merger by absorption of its subsidiary EL.TECH. Anemos SA. The proposed share exchange ratio of the merging companies is 1.27 new ordinary Ellaktor shares having a nominal value of €1.03 for every 1 EL.TECH. Anemos existing ordinary share having a nominal value of €0.30. The proposed Ellaktor/EL.TECH. Anemos share exchange ratio is 8.9% higher than the closing EL.TECH. Anemos share price. On the basis of such proposed share exchange ratio, the pro-forma shareholding in the combined entity will be: shareholders of Ellaktor will hold 82.606%, shareholders of EL.TECH. Anemos will hold 17.394%. The merging companies are expected to enjoy multiple benefits as a result of the Merger. Given Ellaktor's leading role in the Greek infrastructure sector, the combined entity is set to benefit from Ellaktor's longterm business outlook, broadening its growth prospects and providing minority shareholders with the opportunity to participate in any future share price appreciation. At the same time, the combined entity's trading liquidity is expected to improve.