March 19 (SeeNews) - Bulgarian diversified group Synergon Holding [BUL:6S7] said on Tuesday that it is seeking regulatory approval to acquire liquefied petroleum gas (LPG) retailer V-Gas Bulgaria.
The transaction is expected to affect the LPG market segment, Synergon Holding said in a notice to the Commission for Protection of Competition.
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No further details were disclosed.
V-Gas Bulgaria is a wholly-owned subsidiary of local Erast, which in turn is fully owned by private investor Albena Ivanova, according to commercial register data.
Erast was the second-largest shareholder in Synergon Holding at the end of 2018, with a stake of 7.26%, according to Synergon Holding's annual financial statement.
V-Gas Bulgaria generated sales revenue of 97.9 million levs ($56.8 million/50.1 million euro) in 2017, up from 73.9 million levs the year before. The company ended 2017 with a net profit of 753,000 levs, which compares to 305,000 levs in 2016.
Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.
(1 euro = 1.95583 levs)