Ellaktor
Corporate brand
UnclaimedGreek infrastructure, construction, concessions, environmental services and renewable-energy group.
Last updated August 25, 2026
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Overview
Ellaktor is a Greek infrastructure and development group whose businesses have historically covered construction, concessions, environmental services, renewable energy, electricity generation and real estate. The group became one of Greece’s largest construction-related corporate organizations through the expansion of Aktor, its principal construction subsidiary, and through participation in long-term public-private projects such as motorways, bridges, rail infrastructure, waste-treatment facilities and energy assets. Its business model has combined project delivery with ownership or operation of infrastructure. In Greece, this has included major transport concessions, including the Attiki Odos motorway network and the Rio–Antirrio bridge, as well as other road, parking and public-infrastructure projects. The group’s construction activities have also extended to international markets, with projects and operations reported in the Middle East, southeastern Europe, Russia and the Gulf. International work has included participation in the Blue City development in Oman, airport-related contracts in Qatar, waste-management activity in Romania and Russia, and projects in Serbia, the United Arab Emirates and Kuwait. Environmental services have been an important area of specialization. Through Hellector and related businesses, Ellaktor has built or managed landfills, recycling plants and leachate-treatment facilities, with activity in Greece, Cyprus, Germany and Bulgaria. The group has also developed renewable-energy capacity in wind, solar and biogas. Its renewable-energy activities grew from an early move into alternative energy around 2000 and later included wind farms, photovoltaic installations and biogas production. Elpedison, in which Ellaktor has held a minority interest alongside Edison and Hellenic Petroleum, has represented the group’s participation in thermal power generation. Real estate has been managed primarily through REDS, with assets and developments including exhibition, retail and mixed-use properties in the Athens region. The group has also held or managed investments connected with mining and leisure, including interests associated with Hellas Gold and the Mont Parnes casino, although the composition of the portfolio has changed over time. Ellaktor’s development has been affected by the cyclicality of construction, the capital intensity of concessions and changes in the Greek infrastructure market. After several years of revenue growth, the group reported a substantial downturn in 2010, accompanied by lower profitability and higher net debt. Its history has also included corporate-governance conflict: a 2018 shareholder vote changed group management in what was described as Greece’s first proxy fight. In 2017, the former construction subsidiary Aktor was fined by the Greek Competition Commission in connection with a long-running public-works tender cartel. The group subsequently reshaped its portfolio. Ellaktor sold Aktor, its construction business, to Intrakat in November 2023. Intrakat later adopted the Aktor Group name. Ellaktor’s concessions portfolio also changed when the Attiki Odos operating concession passed to a GEK Terna-led entity in October 2024. The reference material further reports a September 2025 sale of Aktor Concessions to the Aktor Group. These transactions mark a shift away from the vertically integrated construction-and-concessions model associated with Ellaktor’s earlier history, although the company remains identified with infrastructure development, concessions, energy, environmental services and property-related activities.
History
Ellaktor’s history is rooted in the consolidation of Greek construction and infrastructure interests around Aktor and related operating companies. Rather than focusing only on contract execution, the group developed a model that combined engineering and construction with long-duration concessions, environmental infrastructure, energy generation and real-estate assets. This approach allowed it to participate in both the construction phase of major projects and their subsequent operation. In Greece, the group became associated with major transport infrastructure. Its historical portfolio included the Attiki Odos motorway network, one of the country’s most significant urban motorway systems, and the Rio–Antirrio bridge, a landmark road connection in western Greece. Other activities included railway-related works, road projects, parking facilities and infrastructure delivered through public or private development arrangements. Concessions represented a significant component of the group’s project backlog, while construction and infrastructure contracts remained central to its revenue base. Ellaktor expanded internationally as Greek contractors pursued infrastructure and development opportunities abroad. The reference material identifies operations or projects in Oman, Qatar, Serbia, Romania, Russia, the United Arab Emirates and Kuwait. Its international work included the Blue City project in Oman through Aktor, airport-related contracts in Qatar, and waste-management opportunities in southeastern Europe and Russia. At one stage, more than one-third of the group’s project backlog was reported to be outside Greece, illustrating the importance of overseas contracts to its strategy. The group diversified into environmental infrastructure and energy. Hellector developed and operated landfills, recycling plants and leachate-treatment facilities, with a particular emphasis on biogas and waste treatment. Ellaktor also entered alternative energy around 2000 through the creation of a renewable-energy business later associated with Elliniki Technodomiki Anemos. Wind, photovoltaic and biogas projects became established parts of the portfolio. The group participated in electricity generation through Elpedison, a joint venture structure involving Ellaktor, Edison and Hellenic Petroleum. Real estate was organized largely through REDS. Its reported assets and projects included the Athens Exhibition Centre, Kantza Mall, Yialou Retail Park and the Piraeus Metropolitan Center. Ellaktor also held interests connected with mining and leisure, including European Goldfields, Hellas Gold and the Mont Parnes casino. These holdings reflected the group’s broader development strategy, although they did not all remain part of its long-term operating portfolio. The financial and operating environment became more difficult after the strong expansion of the mid-2000s. The reference material records that revenue growth from 2005 to 2009 was followed by a sharp decline in 2010. Sales for the first nine months of that year fell by 21.8% to €1.3 billion, while net profit after minority interests declined to €9 million from €72 million. Net debt also increased materially. These figures illustrate the exposure of a construction-and-concessions group to project timing, financing costs and the wider Greek economic crisis. Ellaktor experienced a significant governance contest in 2018, when shareholders voted to change management. The event was described as Greece’s first proxy fight. Ownership and voting disclosures in the reference material subsequently identified PEMANOARO Limited and Leonidas Bobolas among shareholders holding more than 5%, alongside a substantial free float. The group also faced a major regulatory controversy: in 2017, the Greek Competition Commission fined former construction subsidiary Aktor €38.5 million for participation in a public-works tender cartel said to have operated from 1989 to 2012. In the 2020s Ellaktor began reducing its exposure to construction and selected concessions. Aktor was sold to Intrakat in November 2023 for reported consideration of €224.8 million; Intrakat later adopted the Aktor Group name. The Attiki Odos operating concession moved to a GEK Terna-led entity on 6 October 2024. The reference material also reports a September 2025 sale of Aktor Concessions to the Aktor Group for €194.6 million. Together, these transactions represent a major restructuring of the group’s historical asset base and distinguish the current Ellaktor profile from the larger vertically integrated group described in older reference accounts.
- 2025
Reported sale of Aktor Concessions
[1]The reference material reports a sale of Aktor Concessions to the Aktor Group for €194.6 million.
- 2024
Attiki Odos concession transfer
[1]Nea Attiki Odos, led by GEK Terna, took over the Attiki Odos concession on 6 October 2024.
- 2023
Sale of Aktor
[1]Ellaktor sold Aktor to Intrakat for reported consideration of €224.8 million.
- 2018
Management changes after shareholder contest
[1]A general-meeting vote changed Ellaktor’s management in a high-profile shareholder proxy contest.
- 2017
Competition fine against Aktor
[1]Aktor received a €38.5 million fine connected with a long-running public-works tender cartel.
- 2014
Renewable-energy subsidiary completes IPO
[1]Elliniki Technodomiki Anemos, the group’s renewable-energy business, completed an initial public offering according to the reference material.
- 2010
Construction downturn becomes visible
[1]The reference material records a sharp fall in sales and profitability and a substantial rise in net debt during 2010.
- 2000
Entry into alternative energy
[1]The group established an alternative-energy presence through the creation of the business later associated with Elliniki Technodomiki Anemos.
Products and positioning
A Greek infrastructure and development group combining engineering delivery, concession ownership or operation, environmental infrastructure, renewable energy and property development.
EPC and infrastructure construction
Construction and engineering
Historically delivered civil-engineering, building, transport and public-infrastructure projects through Aktor and related companies. The portfolio included roads, bridges, railway works, fuel pipelines and other infrastructure in Greece and overseas markets. Aktor was sold by Ellaktor in 2023, making this a historical rather than necessarily current core offering.
Transport and infrastructure concessions
Concessions
Ellaktor and Aktor Concessions historically invested in and operated motorway, bridge, parking and other infrastructure concessions. Major associated projects included Attiki Odos and the Rio–Antirrio bridge. The group’s concessions portfolio has been reduced through subsequent transfers and disposals.
Waste management and recycling
Environmental services
Environmental activities include landfill construction and operation, recycling plants, leachate treatment and waste-related infrastructure. Hellector has operated principally in Greece and Cyprus, with reported activities or partnerships in Germany and Bulgaria, and has linked waste treatment with biogas production.
Wind, solar and biogas energy · 2000
Renewable energy
The group’s energy portfolio has included wind farms, photovoltaic projects and biogas facilities. Renewable generation became a strategic activity after the group entered alternative energy around 2000. The reference material reports substantial operating and under-construction capacity in later years.
Power generation
Electricity generation
Ellaktor has participated in thermal electricity generation through Elpedison, a joint venture structure involving Ellaktor, Edison and Hellenic Petroleum. Its reported interest has made power generation part of the group’s broader energy portfolio alongside renewable sources.
Commercial and mixed-use property
Real-estate development
Through REDS, Ellaktor has historically managed and developed exhibition, retail and mixed-use real-estate assets in the Athens area. Reported properties include the Athens Exhibition Centre, Kantza Mall, Yialou Retail Park and an interest in the Piraeus Metropolitan Center.
Controversies
2017
Public-works tender cartel fine
The Greek Competition Commission fined former construction subsidiary Aktor €38.5 million for colluding with other major Greek construction companies in public-works tenders over 1989–2012. The conduct reportedly included projects receiving European Union funding. The fine was described in the reference material as the largest in Greece for cartel practices at the time.
Brand decisions
2025
Reported sale of Aktor ConcessionsM&ABackground
The reference material describes a further reduction of Ellaktor’s historical concessions portfolio.
Action taken
Ellaktor reportedly sold Aktor Concessions to the Aktor Group for €194.6 million.
Aftermath
The reported transaction further separated Ellaktor from the Aktor-branded construction and concessions platform.
Reported transaction consideration. €194.6 million (September 2025)
2024
Transfer of Attiki Odos concessionM&ABackground
The historical Ellaktor-linked operator’s concession for the Attiki Odos motorway network ended.
Action taken
Nea Attiki Odos, led by GEK Terna, assumed operation on 6 October 2024.
Aftermath
Ellaktor no longer held the operating role associated with the previous Attiki Odos concession arrangement.
2023
Disposal of AktorM&ABackground
Ellaktor reassessed its portfolio and moved away from direct ownership of its historic construction subsidiary.
Action taken
Ellaktor sold Aktor to Intrakat for reported consideration of €224.8 million.
Aftermath
Intrakat later renamed itself the Aktor Group, while Ellaktor’s exposure to construction was reduced.
Reported transaction consideration. €224.8 million (November 2023)
2018
Shareholders approve management changeStrategyBackground
A shareholder contest emerged over the direction and management of Ellaktor, with the general meeting vote described as Greece’s first proxy fight.
Action taken
Shareholders voted to change the group’s management.
Aftermath
The change marked a significant governance transition and was followed by revised shareholder and management arrangements.
Sources1 sources
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