Bulgaria, Eurohold acquired over 96 % stake in former CEZ distribution and supply companies

, SEE Energy News

Subsidiary of Eurohold Bulgaria – Eastern European Electric Company (EEEC), which acquired the assets of Czech energy group CEZ in Bulgaria in 2021, increased the stake it holds in the capital of electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria to nearly 99 % and 97 %, respectively.

The increased stake in the two energy companies is a result of transactions on the Bulgarian Stock Exchange on 18 March with a total value of over 50 million euros. Eurohold’s subsidiary acquired 207,107 shares (10.74 % of the capital) in CEZ Distribution and 1,379 shares (27.58 % of the capital) in CEZ Electro.

EEEC will soon launch a tender offer to purchase the remaining interest it does not already own in both companies. The majority shareholder also intends to take action to delist both companies from the register of public companies and the BSE in accordance with the law.

As of the end of April, the CEZ companies in Bulgaria will operate under a new name – Electrohold.

In July 2021, Eurohold Bulgaria announced that it has completed the acquisition of the Bulgarian assets of the Czech energy company CEZ for 335 million euros. The statement from the company reads that it has acquired 67 % interest in electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria, as well as 100 % of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass power plant Bara Group, and CEZ Bulgaria – the coordinator of CEZ Group’s units in Bulgaria, through its wholly-owned subsidiary Eastern European Electric Company.