Financial and insurance group Eurohold Bulgaria's [BUL:4EH] said that it has received approval from the competition regulator to acquire the assets of Czech energy group CEZ in Bulgaria.
"The deal for CEZ Group’s subsidiaries in Bulgaria is a step towards entering the energy business and an opportunity to diversify our portfolio," Vasil Stefanov, head of mergers and acquisitions at Eurohold Bulgaria, said in a statement published on Thursday.
Eurohold Bulgaria will acquire the assets though its 100%-owned unit Eastern European Electric Company.
In June 2019, Eurohold signed an agreement to acquire the assets of CEZ in Bulgaria for 335 million euro ($391 million). The assets comprise power utility CEZ Distribution Bulgaria [BUL:3CZ], power supplier CEZ Electro Bulgaria [BUL:1CZ], licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.
The deal was initially banned by the Commission for Protection of Competition, but the ban was subsequently lifted by the court.
(SeeNews, October 30,2020)
