Eurohold Bulgaria signs Deal to buy CEZ Assets in Bulgaria for 335 mln euro

Eurohold Bulgaria signs Deal to buy CEZ Assets in Bulgaria for 335 mln euro

Financial and insurance group Eurohold Bulgaria  said that it has signed an agreement to acquire the assets of Czech energy group CEZ in Bulgaria for 335 million euro ($378.9 million). Eurohold Bulgaria will finance the acquisition through both equity and debt financing, and has already mandated two global investment banks to arrange the funding for the transaction, the group said late on Thursday.CEZ's assets in Bulgaria comprise power utility CEZ Distribution Bulgaria , power supplier CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.The deal is subject to approval from Bulgaria's Commission for Protection of Competition. If Eurohold completes the transaction, it intends to keep the current CEZ Bulgaria management to ensure a smooth transition.

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