LJUBLJANA (Slovenia), February 18 (SeeNews) - Slovenia's state-controlled electricity distribution company Elektro Primorska has decided to sell its E3 unit to local energy group Petrol [LJE:PETG] for some 15 million euro ($16 million), local media reported on Tuesday.
"The management of Elektro Primorska has selected Petrol's bid as the most favourable one in the sale of E3," news portal Finance.si quoted the seller as saying in a statement.
The sale and purchase agreement is expected to be signed by the end of the month.
Nova Gorica-based E3, active in western Slovenia, is one of the largest electricity distributors in the country.
State news agency STA reported in December that Elektro Primorska had received three bids in the tender for the sale of E3: from Petrol, Slovenian energy group GEN-I and state-owned electricity producer Holding Slovenske Elektrarne (HSE).
STA reported on Tuesday that following the E3 acquisition, Petrol will control 20% of Slovenia's electricity retail market.