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.
Last month, Eurohold said that it will rebrand the local businesses of Czech utility group CEZ under the Electrohold brand by the end of April.
The rebranding comes after Eurohold Bulgaria, through its wholly-owned subsidiary Eastern European Electric Company (EEEC), completed its acquisition of the Bulgarian operations of CEZ for 335 million euros last year.
The company also proposed to acquire the interest it does not already own in CEZ Distribution and CEZ Electro. EEEC currently owns 98.93 % of the voting rights in CEZ Distribution and 96.92 % in CEZ Electro. EEEC plans to make a tender offer to buy out the remaining shares in both businesses, before proceeding to delist them from the Sofia Stock Exchange.
