CEZ to sell its Bulgarian assets

WSE-listed energy utility CEZ will sell its Bulgarian assets to Intercom Bulgaria, the company said in a market filing. The deal includes seven companies: CEZ Bulgaria, CEZ Elektro Bulgaria, CEZ Razpredelenie, CEZ Trade Bulgaria, CEZ ICT Bulgaria, Free Energy Project Oreshetz, and Bara Group. According to the company, the sale process started back in H2, 2016. CEZ did not reveal the deal’s value but claimed that the company’s fourteen-year-investments in its Bulgarian operations yielded an overall positive return. “Intercom's offer is significantly above the fair market value of the assets sold, as determined in an independent appraisal, and brings a positive return on the investments in the Bulgarian assets,” CEZ said, adding that Intercom’s offer was the highest bid. The deal is conditional on the approval by the Bulgarian antitrust authorities.