Bulgaria: Acquisition of Grand Energy Distribution, SEE Energy News
Bulgarian Commission for the Protection of Competition (CPC) said that local company Stoimenov Trading has requested its approval for the acquisition of electricity trader Grand Energy Distribution.
The statement from the CPC said that Stoimenov Trading claims that the transaction is not expected to affect trade in electricity in Bulgaria and abroad. According to CPC, Stoimenov Trading is currently inactive. Stoimenov Trading has been established last month and is 100 % оwned by Stanislav Stoimenov and lists construction, installation and repair of energy equipment among its potential areas of activity.
Grand Energy Distribution has over ten years of experience in electricity trading and end-customer service. According to the latest financial report, the company’s profit increased to some 2.6 million euros in 2018 from 0.7 million a year earlier, as sales revenue rose to some 230 million euros from 112 million in 2017.