January 5 (SeeNews) - Bulgaria's competition authority said it has allowed the local subsidiary of Swiss Emil Frey Group to fully acquire Renault Nissan Bulgaria, a unit of French car manufacturer Renault.
The transaction will consist in Emil Frey Automobile Holding Bulgaria purchasing Renault Nissan Bulgaria's 195,000 shares of 1 lev in par value each, the Commission on Protection of Competition (CPC) said in its decision published in late December.
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The parties notified the deal to the CPC in November, shortly after the Renault Group announced that it has agreed to spin off and divest its wholly-owned distribution business for the Renault and Dacia brands in Bulgaria, moving away from a direct presence in the car dealership market. The disposal is part of Renault's strategic plan, branded Renaulution and launched in 2021 that aims to boost profitability through a series of steps including the overhaul of the group's distribution network, the car maker said in an earlier statement.
For family-owned Emil Frey Group, the deal is seen as an opportunity to grow the Bulgarian business and take a further step in its expansion in the region. Emil Frey Group is active in 18 countries in Europe, including Bulgaria. In October 2022, the Swiss group also acquired the distribution of Renault and Dacia in Serbia under the new company name Keos.