April 11 (SeeNews) - Air conditioning system supplier Fujitsu General Euro GmbH, the European arm of Japan-based Fujitsu General Limited, has filed for approval by the Bulgarian competition authority for its proposed acquisition of its distributor in Southeast Europe, Greece-based FG South East Europe SA (FGSEE), the regulator said on Tuesday.
Düsseldorf-headquartered Fujitsu General Euro develops, produces and sells refrigeration and air conditioning systems (RAC systems), heat pumps and variable cooling flow systems (VRF systems) in Central, Northern and Eastern Europe, whereas FGSEE distributes these products, the Commission on Protection of Competition (CPC) said in a statement.
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The transaction is expected to have no substantial impact on the RAC and VRF systems markets as it is a vertical integration between supplier and distributor, who do not directly operate on the Bulgarian market, the CPC added.
Fujitsu General said in December it had concluded an agreement to increase its equity stake in FGSEE to 51%, aiming to enhance its marketing activities, brand value and after-sales service in the region. The air conditioner market in Greece is expected to grow strongly in the economic rebound from the pandemic, with positive market outlooks in Bulgaria and the Balkan region, the company explained.
FGSEE currently serves as distributor of Fujitsu General air conditioners and after-sales service provider in Greece, Bulgaria and other Balkan countries, along with Turkey.