Αttica Group – ANEK Merger to Create One of Europe’s Largest Passenger Shipping Companies

Photo source: ANEK LINES.

Attica Group plans to invest 31.3 million euros in the fleet modernization of Cretan coastal shipping company ANEK Lines, the company announced after the approval last week of the merger agreement by its board of directors.

 More specifically, Attica Group will channel 20 million euros into the installation of scrubbers on two ANEK ships and an additional 11.3 million euros into maintenance. The company expects to save approximately 9.5 million euros from the changes.

According to last week’s board of directors meetings with shareholders, the merger, initially announced in August, will create one of Europe’s largest coastal shipping companies based on passenger volume.

Attica Group. Photo source: Attica Group.

Attica Group said it would be keeping the ANEK brand, first launched in 1967.

A Marfin Investment Group (MIG) member, Attica Group’s portfolio of passenger shipping companies includes Superfast Ferries, Blue Star Ferries, Hellenic Seaways and now ANEK. The Group operates 35 vessels in total, which provide transportation services in Greece and abroad.

Following the finalization of the merger, Attica will add the following ANEK-owned ferries to its fleet: Elyros, Eleftherios Venizelos, Olympic Champion, Hellenic Spirit, Kydon, Crete I, Crete II and Preveli.

The merger will be completed after the approval by a general meeting of shareholders and a special meeting of ANEK’s privileged shareholders. UBS Europe SE is the financial advisor in the transaction.

In the meantime, Attica Group is moving ahead with its investment program, with total cash outflows in the first half of 2023 reaching 28 million euros.