Bulgaria, Eurohold’s buyout bids partially successful

, SEE Energy News

Eastern European Electric Company (EEEC), a wholly owned subsidiary of Eurohold Bulgaria, said that its offers to acquire the remaining 33 % stakes in electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria was partly accepted by minority shareholders.

EEEC acquired 408,552 of the remaining 636,240 shares in CEZ Distribution Bulgaria and 117 of the remaining 1,650 shares in CEZ Electro Bulgaria. The offer to minority shareholders of CEZ Distribution Bulgaria priced at 148.8 euros per share was accepted by 104 individuals and 39 legal entities, while the offer to CEZ Electro Bulgaria minority shareholders, with a price of 13,755 euros per share, was accepted by 11 individuals and 8 legal entities.

The tender offers period for both companies ran from 15 October to 11 November.

In late July, 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.