February 22 (SeeNews) - Czech energy group CEZ said on Thursday its supervisory board granted consent to the sale of the Bulgarian assets of the group to Inercom Bulgaria for an undisclosed sum.
"The package contains seven companies: CEZ Bulgaria, CEZ Elektro Bulgaria, CEZ Razpredelenie, CEZ Trade Bulgaria, CEZ ICT Bulgaria, Free Energy Project Oreshetz and Bara Group," CEZ Group said in a statement.
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The contract is expected to be signed in a few days, CEZ said.
"Taking into account the sales price, the Group’s fourteen-year-investments in its Bulgarian operations yielded an overall positive return," the statement reads. "Inercom’s offer is significantly above the fair market value of the assets sold, as determined in an independent appraisal, and brings a positive return on the investments in the Bulgarian assets."
In 2017 CEZ received several indicative offers for its Bulgarian assets and launched negotiations on the potential divestment.
Inercom Bulgaria submitted the highest offer and CEZ subsequently started exclusive negotiations with the company, the Czech energy group said.
Settlement for the transaction is subject to approval by Bulgaria's Commission for Protection of Competition.