July 26 (SeeNews) - Swiss energy group Repower said on Tuesday it has sold its Romanian operations to Swiss-based commodity trader MET Group, which is focused in the European natural gas, power and oil markets, for an undisclosed sum.
The decision follows Repower's announcement in December 2015 regarding the realignment of its business model to focus on the Swiss and Italian markets, it said in a statement.
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The deal is expected to be finalised in September.
Repower has operated in the Romanian market since 2010 through Repower Furnizare Romania with a team of around 30 employees, supplying electricity and services to small and medium-sized enterprises (SMEs).
The company posted a net loss of 13 million lei ($3.2 million/ 2.9 million euro) for 2015 after a 0.12 million lei net profit a year earlier. Its turnover rose 11% last year to 509 million lei, data from the finance ministry website shows.
MET Group already has operations in Romania, through MET Romania Energy Trade, which was established in 2009. Its business was initially focused on natural gas supply, but at the end of 2014 the company extended its activities to include also power supply.
MET is present in 10 countries through subsidiaries, in 25 national gas markets and 21 international trading hubs, with a significant end-consumer presence in the CEE region.
MET Romania Energy Trade turned to a 3.74 million lei loss in 2015 after a net profit of 0.69 million lei in 2014. Its turnover dropped 33% last year to 129 million lei.
(1 euro=4.4633 lei)