June 21, 2024
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HomeSEE Energy NewsBulgaria, Eurohold increased buyout offers for remaining shares in former CEZ subsidiaries

Bulgaria, Eurohold increased buyout offers for remaining shares in former CEZ subsidiaries

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Eurohold Bulgaria has increased its buyout offers to the minority shareholders of Electrohold Sales (former CEZ Electro) and Electrodistribution Grid West (former CEZ Distribution Bulgaria).

The price per Electrohold Sales’ share was increased to 14,538 euros, while the price per share of Electrodistribution Grid West was raised to 154.5 euros.

The price amendments were notified by the bidder, Eurohold’s wholly-owned subsidiary Eastern European Electric Company (EEEC), and were made in accordance with a decision by the Bulgarian competition regulator.

In March, EEEC increased the stake it holds in the capital of electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria to nearly 99 % and 97 %, respectively. The increased stake in the two energy companies is a result of transactions on the Bulgarian Stock Exchange on 18 March with a total value of over 50 million euros. Eurohold’s subsidiary acquired 207,107 shares (10.74 % of the capital) in CEZ Distribution and 1,379 shares (27.58 % of the capital) in CEZ Electro.

In late April, the shareholders of Eurohold Bulgaria have approved the decision on the rebranding of the Bulgarian businesses of Czech utility group CEZ which were acquired last year. The shareholders of electricity distributor CEZ Distribution Bulgaria approved the change of the company’s name to Electrodistribution Grid West, while the sahreholders of electricity supplier CEZ Electro Bulgaria approved a change to Electrohold Sales.

In July 2021, 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.

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