Motor Oil is set to record its first capital gains from its stake in NOVA ICT in a period of just two months. Following the acquisition of 50% of NOVA ICT from NOVA Telecommunications for 60.5 million euros on July 20, according to sources from Bankingnews.gr, it is preparing to transfer a portion of its shareholding in NOVA ICT to strategic investors Latsco (Ms. M. Latsi) and EOS Capital (Mr. A. Tamvakakis) by late September. According to the same sources, immediately after the entry of the investors, merger discussions between NOVA ICT and Real Consulting are set to begin, as Bankingnews had revealed on August 9. The two companies share a common shareholder in Motor Oil's subsidiary, Ireon Investments, which holds an 11.73% stake in the listed company Real Consulting.
The first step
This represents the first step toward creating an integrated IT and telecommunications projects group (system integrator), while as Bankingnews had revealed, there are indications that SPACE may also join the entity, due to the joint bid of the two companies (NOVA ICT - Space with a consortium of foreign companies) in the tender for identity cards and passports (September 11). The acceleration in creating a larger IT projects group, according to information, came after PPC's intense activity in the same sector and rumors regarding the acquisition of a major company in the industry.
Who is NOVA ICT – The connection with Real Consulting
Based on Motor Oil's financial statements for the first half of 2026, Motor Oil's subsidiary, Ireon Investments, will transfer its stake in NOVA ICT to strategic investors within 2026, "with its final stake in the share capital of NOVA ICT being formed between 10-20%." According to information, the percentages initially discussed were for Latsco to acquire 20% and the EOS Capital fund to take 10%. How was NOVA ICT created? In 2023, the Vardinogiannis family, through the Cypriot company Pinston Ltd, and Nova (UNITED) established NOVA ICT with a share capital of 1 million euros. Its purpose was to create an integrated IT and telecommunications systems company. Heading the company is an experienced executive in the sector, Mr. Al. Breyiannis, with long-standing experience from his tenure at Globe OTE. Indicatively, the company started with 9 employees and today employs 29 staff members.
Strong growth
As shown by the company's financial results, NOVA ICT has emerged within three years as a major hub for digital solutions and complex IT projects, ranging from the digital transformation of the public sector to major European Union projects (27 million euro project for the European Union). In 2025, total sales for NOVA ICT reached 131.9 million euros, up from 61.6 million euros in 2024. Its gross profits increased by 120% to 18.4 million euros, with the profit margin reaching 14%. The key difference from other major IT project companies is that it does not carry significant payroll costs. Indicatively, the company started with 9 employees and today employs 29 staff members. Its operating profits more than doubled to 15.2 million euros from 6.5 million euros in 2024. Net profits after taxes reached 11.5 million euros from 4.9 million euros in 2024. Bank liabilities were minimal (leases), with the largest liabilities owed to suppliers. The largest revenue sources stemmed from digital transformation amounting to 61.7 million euros, healthcare amounting to 30.7 million euros, and security - civil protection at 20.9 million euros. Real Consulting operates in the same sector of integrated IT and digital projects, and following the absorption of OTC (interests of Mr. E. Marinakis), it is expected to record a turnover of 68.6 million euros, adjusted operating profits of 15.3 million euros, and net profits of 8.4 million euros. Synergies in the healthcare sector are also expected from the potential merger of the two companies, as listed Real holds an exclusive partnership with T-Systems for digital health projects. Furthermore, through its subsidiary OTC, there is a large network of digital projects in municipalities. Shareholders in listed Real Consulting include Ireon Investments with 11.73%, Intracom Holdings with 7.9%, One Dealer (Mr. N. Vardinogiannis), Shub Holdings (Mr. E. Marinakis) with 9.079%, and D. Stasinopoulos with 5.03%.
Dimitris Pafilas dpafilas@yahoo.com www.bankingnews.gr
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