The bulgarian holding mentioned it "obtained all the necessary approvals by the Bulgarian regulators to carry out the acquisition. The deal was approved by the Bulgarian Commission for Protection of Competition (CPC) on 29th October, 2020".
The acquisition of CEZ Group's business in Bulgaria will be made through EUROHOLD subsidiary specially set up Eastern European Electric Company B.V. (EEEC).
The deal includes 67% of the power utility CEZ Distribution Bulgaria and the power supplier CEZ Electro Bulgaria, as well as 100% of the shares of the 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 that coordinates and manages all CEZ Group's subsidiaries in Bulgaria.
The next stage in the acquisition process will be to sign financing agreements and transfer of the shares. EUROHOLD will finance the acquisition through a combination of equity and borrowed capital provided by leading global investment banks.
"We got approvals by the Bulgarian antitrust and energy regulators, so we can proceed with the financing and completion of the deal. We have the support of global investment banks with solid experience in providing financing for such deals. After the completion of the acquisition, we will aim at developing a leading regional utility company," said Vasil STEFANOV, Head of Mergers and acquisitions at EUROHOLD Bulgaria.
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