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23.08.2017 13:57
Bulgarian Stock Exchange to Acquire State-Run Energy Exchange for BGN 5 Million
IBEX ownership was to be transferred to the Bulgarian Ministry of Finance but talks with the European Commission yielded approval for the BSE deal
AUTHOR: publics.bg



The Bulgarian Stock Exchange – Sofia (BSE) and the state-run Bulgarian Energy Holding (BEH) struck an agreement on the sale of a BEH subsidiary managing the country’s energy exchange. BSE will thus pay BGN 5.2 m (EUR 2.66 m) for a 100 per cent of the capital of the Independent Bulgarian Energy Exchange.

The amount of BGN 4 m will be paid by BSE at the signing of the acquisition contract for the transfer of the 100% ownership, while the remaining BGN 1.2 are to be paid in equal installments on the 6th, the 12th and the 18th month after the shares transfer, BSE said in a statement.

The deal will be concluded with the above parameters, if it is approved by the extraordinary general meeting of BSE.

The acquisition received formal governmental approval earlier in August. The unbundling of the energy exchange operator from the state-owned BEH was part of a settlement between the holding and the European Commission (EC) for the termination of an infringement procedure.

IBEX ownership was to be transferred to the Bulgarian Ministry of Finance but talks with the EC yielded approval for the BSE deal.

Its conclusion should take place by end-October 2017.


TAGS: Bulgaria | IBEX | BSE | merger | acquisition | M&A | Bulgarian Stock Exchange Sofia | Bulgarian Energy Holding | Independent Bulgarian Energy Exchange | deal | sale | energy | trading | infringement 


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