E.On has reached an agreement with MVM Group for the sale of Innogy SE’s entire electricity and gas retail business in the Czech Republic, innogy Ceska republika a.s., for an undisclosed amount.
The deal is part of antitrust approval for E.On’s takeover of Innogy and is still subject to European Commission approval, E.On said in a statement. Other groups bidding for the business included EPH, KKCG and Sev.en Energy, according to Reuters.
E.On expects the deal to close by the end of 2020. It will enable MVM to expand its business into central and eastern Europe and add to its power generation business.“This acquisition for us represents a significant milestone in our development strategy,” CEO Gyorgy Kobor said in a statement. The business supplies 1.2 million gas customers and 0.4 million electricity customers in the Czech Republic.