Eurohold becomes owner of electricity supplier’s CEZ assets in Bulgaria

The largest public holding and one of the leading independent financial and insurance groups in Southeast Europe, Eurohold Bulgaria AD, on July 27, finalised the acquisition of 7 subsidiaries of CEZ Group in Bulgaria.

The deal is the largest in the country's energy sector for the past 17 years and one of the largest in the region.

It is worth 335 million euros and is realized through the Eastern European Electric Company (EEEC), which is 100% owned by Eurohold.

With the acquisition and integration of CEZ Group's assets, Eurohold will provide services to more than 7 million customers and will have over 6,000 employees in 11 countries in Central, Eastern and South-Eastern Europe (CEEC), as well as the former USSR. Eastern European Electric Company will operate and maintain 24,971 km of medium voltage network and 32,989 km of low voltage network.

"This deal guarantees an inflow of over EUR 500 million into the Bulgarian economy, if we calculate the total value of the transaction, including the price, the forthcoming mandatory tender offer to the minority shareholders in two of the acquired companies and CEZ's investment programme in Bulgaria," the char of the Supervisory Board of Eurohold Bulgaria, Assen Hristov, commented.