Hungary, MVM becomes the only universal energy supplier in the country by acquiring a subsidiary of E.ON., SEE Energy News
Hungarian state energy company MVM has completed the purchase of a 100% stake in a local electricity distributor in the regulated retail market E.ON Aramszolgaltato from German E.ON. In that way, it became the only universal supplier of natural gas and electricity in the country.
The sale of the E.ON Aramszolgalato unit does not affect free market buyers who have a contract with the E.ON Hungaria Group. The E.ON Group will continue to provide electricity supply services in the future, MVM and E.ON said in a joint statement issued Thursday.
MVM and E.ON reached a purchase agreement in February. MVM Group owns a 25 percent stake in E.ON Hungaria. The companies said the current agreement supports the long-term strategies of the two groups and helps them optimize their portfolios.