April 6 (SeeNews) - Dutch-based Eastern European Electric Company (EEEC), wholly-owned by energy and insurance group Eurohold Bulgaria [BUL:EUBG], proposed to acquire the interest it does not already own in power grid operator CEZ Distribution Bulgaria [BUL:CEZD] and power supplier CEZ Electro Bulgaria [BUL:CEZE], the target companies said on Wednesday.
EEEC seeks to acquire 20,581 shares in CEZ Distribution, representing a 1.07% stake in the company, for a price of 300.29 levs ($167.70/153.50 euro) apiece, the power grid operator said in a bourse filing.
You can subscribe to our M&A newsletter here
CEZ Electro said in a separate stock exchange filing that EEEC offered to pay 28,158.30 levs per share for 154 shares representing a 3.08% stake in the company.
EEEC currently owns 1,907,419 shares representing 98.93% of the voting rights in CEZ Distribution, and 4,846 shares representing 96.92% interest in CEZ Electro.
Last month, Eurohold said that EEEC plans to make a tender offer to buy out the remaining shares in both businesses, before proceeding to delist them from the Sofia bourse. EEEC wrapped up the acquisition of the two power companies and five other subsidiaries of Czech utility group CEZ in Bulgaria for 335 million euro ($369.2 million) in July 2021.
Eurohold announced last month that it will rename all acquired CEZ businesses under the Electrohold brand as of the end of April.
Аs at 14:00 CET on Wednesday, shares in Eurohold traded 1.74% lower at 2.26 levs on the stock exchange in Sofia. By the same hour, CEZ Distribution shares changed hands flat at a price of 290 levs, while CEZ Electro shares also traded unchanged, at 30,000 levs, bourse data showed.
(1 euro = 1.95583 levs)