February 23 (SeeNews) - Czech energy group CEZ said on Friday it signed a contract for the sale of its Bulgarian assets with Bulgarian company Inercom.
"The transaction is now subject to the approval of the Bulgarian anti-trust authority," CEZ said in a statement.
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The price of the deal was not disclosed.
On Thursday, CEZ said the package comprises seven companies - power distributor 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, which manages and coordinates the operations of the group's Bulgarian units.
In 2017, CEZ received several indicative offers for its Bulgarian assets and launched negotiations on the potential divestment.
Inercom Bulgaria submitted the highest offer and CEZ subsequently started exclusive negotiations with the company, CEZ said on Thursday.
Inercom Bulgaria is a wholly-owned subsidiary of Sofia-based Inercom Investments, according to data from the Bulgarian commercial register. The company has a registered capital of 50,000 levs ($31,500/25,600 euro). It manages seven solar parks in southern Bulgaria with a total capacity of over 100 MW.
Separately, last year CEZ Group agreed the sale of its 1,260 MW Varna thermal power plant (TPP) in Bulgaria to Bulgarian logistics company SIGDA for an undisclosed price.