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SOFIA (Bulgaria), August 13 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Tuesday that it is seeking clearance from the country's competition authority for its deal to acquire the assets of Czech energy group CEZ in Bulgaria.
"The group has already submitted the documents related to the deal to the Commission for Protection of Competition," it said in a statement.
On June 20, Eurohold Bulgaria signed an agreement to acquire CEZ' assets in Bulgaria for 335 million euro ($375.7 million). Eurohold Bulgaria will finance the acquisition through both equity and debt financing, it said at the time.
CEZ's assets in Bulgaria comprise power utility CEZ Distribution Bulgaria [BUL:3CZ], power supplier CEZ Electro Bulgaria [BUL:1CZ], licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.
If Eurohold completes the transaction, it intends to keep the current CEZ Bulgaria management to ensure a smooth transition, it said in June.
The completion of the transaction is also subject to approval by the Bulgarian energy regulator.
As at 14:15 CET on Tuesday Eurohold Bulgaria shares traded 0.50% higher at 1.99 levs on the Bulgarian Stock Exchange.
By the same hour, CEZ Distribution Bulgaria shares traded flat at 220 levs.The other BSE-listed CEZ unit - CEZ Electro Bulgaria also traded flat at 23,600 levs.
Eurohold Bulgaria's portfolio includes companies active in financial services, leasing, insurance and car sales.
($ = 0.89161 euro)