Last week, Bulgaria’s Commission for Protection of Competition (CPC) granted approval to Eurohold Bulgaria to acquire the subsidiaries of CEZ Group in Bulgaria. The acquisition will be carried out through the specially set up Eastern European Electric Company B.V. (EEEC), 100% owned by Eurohold, announced the group on their website.
The acquisition of CEZ Group’s subsidiaries in Bulgaria is part of Eurohold’s strategy to enter new regulated markets in Southeastern Europe and to develop a leading regional utility company.
The integration of CEZ Group’s Bulgarian subsidiaries in the structure of Eurohold will be supported by an energy board of Bulgarian and international experts with over 25 years of managerial experience at leading companies in the energy sector in Eastern Europe. The experts are Gary Levesley, Dan Catalin Stancu and Georgi Mikov. CEZ’s current senior management will be retained in order to guarantee continuity in management.
“The deal for CEZ Group’s subsidiaries in Bulgaria is a step towards entering the energy business and an opportunity to diversify our portfolio. Eurohold has solid experience in regulated markets as well as in the acquisition and integration of new companies in different sectors. Over the past 20 years we participated in 30 acquisitions and accumulated significant expertise,” said Vasil Stefanov, head of mergers and acquisitions of Eurohold.
The largest listed company in the neighboring country, Eurohold Bulgaria is present on the Romanian market through the insurer Euroins. Founded in 1995, the Bulgarian group Eurohold has operations mainly focused on non-banking financial services, leasing and car sales and non-life insurance. In addition to Bulgaria, the group is operating in the markets of Romania, Greece, Georgia, Poland, Ukraine, Italy and Spain.