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Autohellas completes purchase of 70 pct in Autodeal and Hyundai Hellas

Autohellas announced the completion of a purchase of a 70 pct in Autodeal P&R Davaris ABEE and Hyundai Hellas P&R Davaris ABEE through the participation of DERASCO (a subsidiary of Autohellas) in the share capital increase plans by the two companies.

Autohellas will invest 20 million euros in the two share capital increase plans and said the investment will allow the preservation and strengthening of their internal organisation, a further improvement of customer service and the support and development of their network.

Under the terms of the deal, the remaining 30 pct will remain under the control of P.Davaris who will remain as chairman of the board for the two companies. G.Vasilakis will take over as CEO of the two companies.

The share capital increase plans by Autodeal and Hyundai Hellas allowed the two companies to reduce their bank debt to 20 million euros.

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