Aegean Marine’s H.E.C. Acquisition Falls Through
- Business & Finance
Aegean Marine Petroleum Network’s share purchase agreement with the shareholders of H.E.C. Europe Limited has been terminated, the company said.
The deal was terminated as the contractual deadline for obtaining all necessary approvals for the transaction expired and was not waived.
Aegean announced the acquisition of H.E.C., a parent company of Hellenic Environmental Center and a group of companies providing port reception facilities services (the HEC Group), in February 2018,
Marine fuel logistics company inked a definitive agreement to buy all of the outstanding share capital of H.E.C from its shareholders for USD 367 million.
The sellers are companies owned and controlled by Dimitris Melisanidis — Aegean’s founder and former Head of Corporate Development — and certain members of his family, and members of the Agiostratitis family.
Aegean was pursuing the acquisition as “a complementary high margin business with global growth opportunities,” as explained by Jonathan McIlroy, Aegean’s President.