The subsidiary of Eurohold Bulgaria, Eastern European Electric Company (EEEC), acquired full ownership of Electrohold Sales and Electrodistribution Grid West, former subsidiaries of Czech energy company CEZ, following the share buyout campaign launched in August.
Under the transaction, EEEC purchased the remaining 14,416 shares of Electrodistribution Grid West at a price of 155.15 euros per share or a total of some 2.2 million euros. The remaining 117 shares of Electrohold Sales were acquired at 14,905 euros per share, representing a sum of 1.75 million euros.
Eurohold Chairman Kiril Boshov said that the group consolidated its participation in its subsidiaries and, from now on, all companies within Electrohold group would be available for investors on the stock exchange through the ultimate owner – Eurohold, whose shares are traded on the stock exchanges in Sofia and Warsaw. He added that the consolidation will improve the interest rate terms on the syndicated loan, which the company took out to finance the acquisition of CEZ’ energy business in Bulgaria.
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 shareholders of electricity supplier CEZ Electro Bulgaria approved a change to Electrohold Sales.
