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4EH - EuroHold Bulgaria AD News Story

BGN1.59 -0.0  -0.6%

Last Trade - 25/09/20

Small Cap
Market Cap £145.6m
Enterprise Value £152.6m
Revenue £722.4m
Position in Universe 162nd / 630

UPDATE 1-CEZ to start exclusive talks to sell Bulgarian assets to Eurohold

Wed 17th April, 2019 9:11am
(Adds Eurohold comment, details)
    PRAGUE/SOFIA, April 17 (Reuters) - Czech utility CEZ
 CEZP.PR  is entering exclusive talks to potentially sell its
assets in Bulgaria to local firm Eurohold, a CEZ spokeswoman
said on Wednesday.
    "We offered to Eurohold that we will start exclusive talks
with them," CEZ spokeswoman Alice Horakova said, adding another
bidder, India Power, was second in line for talks. She declined
to comment on any timeline.
    Bulgaria's Eurohold, active in insurance and asset
management, confirmed the news, adding it was participating in
the process on its own and planned to finance the deal with its
own funds and loans from leading Western European banks. 
    Eurohold declined to comment on the value of the potential
deal, which includes a power distributor that provides
electricity to over 3 million Bulgarians, an energy trader and
several renewable energy assets.
    "The intention to acquire CEZ Group's assets in Bulgaria is
part of Eurohold's long-term strategy to enter new regulated
business segments with sustainable high growth potential," it
said in a statement.
    In February last year, CEZ signed a contract to sell its
assets in Bulgaria to local energy company Inercom, but the
country's anti-monopoly regulator blocked the deal five months
later. The deal was then estimated at 320 million euros ($362
    Electricity costs are politically sensitive in the Balkan
country of 7.1 million people, which is also one of the poorest
European Union member states. 
    ($1 = 0.8836 euros)

 (Reporting by Jason Hovet in Prague and Tsvetelia Tsolova in
Sofia; Editing by Michael Kahn and Mark Potter)
 ((; +420 224 190 476; Reuters
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