Motor Oil announces that its indirect subsidiary IREON TECHNOLOGIES LIMITED signed an agreement on the acquisition, for a price of EUR 60,5 million, by NOVA of its participation in NOVA ICT amounting to 50% of Nova ICT's share capital.
In addition, it is announced that IREON intends within the current year to transfer part of the above participation to strategic investors with its final share capital of NOVA ICT being formed between 10% and 20%.
The Company will inform the investment community of the above developments through later announcements or through interim/annual financial reports.
Nova also issued a communication stating:
"Nova, a member of the United Group belonging to the BC Partners company portfolio, announces the signing of an agreement for the sale of its 50% share to Nova ICT, to IREON Technologies, a member of the Motor Oil Group. This transaction is in line with Nova's strategy to focus on providing services to households and businesses with affordable prices and high-level service, with a view to developing stable revenue flows, as well as investment in new generation networks such as 5G.
Nova ICT, since its establishment in 2023, managed in a short time to establish itself as one of the most important pillars of digital solutions in the Greek market. Under the leadership of CEO, Alexander Breyannis, the company has taken an impressive upward course, implementing complex projects of high technological added value.
With a strong footprint in key areas such as health, civil protection, defence, infrastructure, utilities, smart cities and private sector, Nova ICT has made a decisive contribution to accelerating the country's digital transformation. At the same time, the company has become dynamically involved in European development, undertaking the implementation of complex European projects (EU projects). This agreement is a strategic development that marks the new phase of development of Nova ICT, ensuring its continuity and further strengthening its role in the technological ecosystem.
As part of the transaction, Nova ICT's current net equity value was valued at EUR 121 million. This valuation demonstrates the strong goodwill created over the last 3 years, as the original share capital of Nova ICT was EUR 1 million.
Nova confirms its commitment after completion of the transaction to maintain its commercial cooperation with Nova ICT. The two companies will continue to cooperate in joint projects and initiatives, using their expertise to implement large-scale digital transition projects, for the benefit of their customers and partners."
