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SOFIA (Bulgaria), October 10 (SeeNews) - Bulgaria's competition authority said on Thursday that it is launching an in-depth probe into financial and insurance group Eurohold Bulgaria's [BUL:4EH] deal for the acquisition of the local assets of Czech energy group CEZ.
The combination of the resources and operations of two large economic groups, active on the insurance and energy markets, would significantly impact their market positions, the Commission for Protection of Competition (CPC) said in its decision.
Such a deal could lead to the expansion of an economic group, especially in terms of assets, to such an extent that it threatens competition on the whole market, according to the regulator.
Earlier this year, Eurohold signed a 335 million euro ($368 million) deal to acquire the assets of CEZ in Bulgaria, which comprise power utility CEZ Distribution Bulgaria [BUL:3CZ], power supplier CEZ Electro Bulgaria [BUL:1CZ], licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.
CEZ's initial deal for the sale of its Bulgarian assets, with Sofia-based Inercom, fell through as the Czech group failed to obtain approval from the CPC.
($ = 0.9108 euro)