January 30 (SeeNews) - South Korean electrical equipment manufacturer Hyundai Electric & Energy Systems has completed the sale of its unit Hyundai Heavy Industries Co. Bulgaria to Russia’s SVEL Group, German commercial law firm CMS, which advised Hyundai Electric on the deal, said.
An international team from Germany and Bulgaria advised the seller on all legal aspects of the international auction procedure, CMS said in a statement last week.
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Last year, Hyundai Electric said has decided to sell Hyundai Heavy Industries Co. Bulgaria for $24.5 million (22.2 million euro) in order to improve its financial structure.
Heavy Industries Co. Bulgaria has called a shareholders meeting for February 28, when proposals for new board members and a new name will be put to the vote, according to data published by Bulgaria's commercial register.
Heavy Industries Co. Bulgaria specialises in the production of transformers and tap changers.
($ = 0.9070 euro)