BNP Paribas in Bulgaria News & Press
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November 17, 2004 -

Privatisation of Bulgarian Electricity Distribution Companies

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The Republic of Bulgaria has sold a 67% stake in its three electricity distribution companies to E.ON Energie AG of Germany, EVN AG of Austria and CEZ a.s. of Czech Republic.

E.ON Energie acquired the shares in Elektrorazpredelenie Gorna Oryahovitza and Varna, for a total cash consideration of € 140.7m.

The company operates a 41,200 km medium- and low-voltage network and provides 4.8 TWh in energy sales annually to 1.1 million customers in North-Eastern Bulgaria.

EVN acquired the shares in Elektrorazpredelenie Plovdiv and Stara Zagora for a total cash consideration of € 271m.

The company operates a 56,000 km medium- and low-voltage network and provides 6.3 TWh in energy sales annually to 1.5 million customers in South-Eastern Bulgaria.

CEZ acquired the shares in Elektrorazpredelenie Stolichno, Sofia Oblast and Pleven for a total cash consideration of € 281.5m.

The company operates a 54,500 km medium- and low-voltage network and provides 7.5 TWh in energy sales annually to 1.9 million customers in Western Bulgaria.

The combined proceeds amount to about euros 700m, implying a total enterprise value of euros 1.1bn.

This deal constitutes the largest ever privatisation in Bulgaria.