Eurohold closer to the complete takeover of the Bulgarian companies of CEZ

WSE-listed leading finance and energy group in Southeast Europe, Eurohold Bulgaria AD, announced that its subsidiary, European Electric Company BV (EEEC), increased its equity stake in CEZ Distribution Bulgaria AD and CEZ Electro Bulgaria AD respectively to 99 percent and 97 percent.

The increase in shares is the result of a transaction made on March 18 on the Bulgarian Stock Exchange, the total value of which was approximately PLN 240 million. On that day, EEEC acquired 207,107 shares in CEZ Distribution and 1,379 shares in CEZ Electro.

Eastern European Electric Company will launch a tender offer for missing shares in both energy companies. The application will be submitted to the Financial Supervision Authority in Bulgaria within the statutory deadline of 14 days. According to the law, the majority shareholder also intends to take steps to remove both companies from the register of public companies and the Bulgarian Stock Exchange.

In July 2021, EEEC acquired seven subsidiaries of the Czech energy group CEZ in Bulgaria. As a result of the transaction, which amounted to €335 million, Eurohold holding became the owner of 67 percent of the largest electricity grid operator (CEZ Distribution) and energy supplier (CEZ Electro) in Bulgaria, as well as 100 percent of the largest licensed electricity trading company (CEZ Trade).

(WBJ)