Czech power giant CEZ sells its Bulgarian assets to Eurohold
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E-mail Xinhua, June 21, 2019
PRAGUE, June 20 (Xinhua) -- Czech state-run power giant CEZ Group has signed a deal to sell its Bulgarian assets to Bulgaria's largest publicly traded company Eurohold AD for 335 million euros (about 379 million U.S. dollars), said the CEZ on its website on Thursday.
The settlement of the transaction is subject to approval by the Bulgarian Antimonopoly Office and the Bulgarian Energy Regulatory Authority.
The sale included all seven Bulgarian companies of CEZ Group, namely, CEZ Bulgaria, CEZ Elektro Bulgaria, CEZ Razpredelenie, CEZ Trade Bulgaria, CEZ ICT Bulgaria, Free Energy Project Oreshets and Bara Group, and would be financed from Eurohold's own resources and from bank loans.
CEZ Group is one of the ten largest energy companies in Europe, with more than 8 million customers and over 30,000 employees.
CEZ entered the Bulgarian market in 2004 by buying a two-thirds stake in three electricity distribution companies. Currently, CEZ Razpredelenie supplies electricity to approximately 3 million customers. In 2018, CEZ Elektro Bulgaria and CEZ Trade Bulgaria sold 10.5 TWh of electricity to end customers. Enditem
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