Attica Acquires Stake In Strintzis

Friday, September 03, 1999
Passenger shipping firm Attica Enterprises signed an agreement with shareholders of Strintzis for the acquisition of an approximate 38 percent stake in Strintzis. Under the agreement, Strintzis' shareholders will receive Attica Enterprises shares participating in a forthcoming capital increase of Attica Enterprises. Attica Enterprises will participate with five members in the nine-member board of Strintzis, while Strintzis' managing director and chairman will join Attica Enterprises' board, to be expanded for that reason by two seats to seven. The two companies aim to expand their operations into new domestic and international routes and take advantage of economies of scale and operating synergies, officials said. The transaction will be finalized after completion of due diligence and the share capital increase of Attica Enterprises, they added. Attica Enterprises officials said in less than two years' time the combined fleet of the two companies is expected to grow to 27 vessels from a current 16, of which four are superfast ferries, 10 are large car-passenger ferries and two are catamaran passenger-only ferries.

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