EMEA News
Aegean Agrees to Acquire Port Services Firm HEC Europe
Bunker company Aegean Marine Petroleum Network has agreed to acquire port services company Hellenic Environmental Center (HEC).
The move sees Aegean take control of HEC Europe, the parent to the HEC group of companies which provide port reception facilities globally.
The $367 million deal comprises a third of Aegean's shares (issued and outstanding common stock), taking on certain debt and accounts receivables and cash.
HEC Europe owned and controlled by Aegean founder and former head of corporate development Dimitris Melisandidis.
One of the deal's strengths is to allow the company to "repurpose/reploy idle or under utilized Aegean vessels". In addition, it will allow HEC Group "to sell its services into more than 30 markets worldwide".
By diversifying its activities, Aegean can "reduce its dependency on bunker-related sales", the company said in a statement.
In a separate announcement today, Aegean said it expected to post a $28 million loss for the fourth quarter of 2017.
In recent months, Aegean's board of directors has come fire from a minority of shareholders over the company's weak share price.
