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Czech EPH to gain 49-percent stake in SSE energy utility
3 Sep 2013 Flash News
The Czech energy group Energetický a Prúmyslový Holding (EPH) has been given the Slovak government’s consent to acquire a 49-percent stake in the Slovak energy distributor Stredoslovenská Energetika (SSE) from a branch of Électricité de France.
The decision was reached at the SSE general assembly on August 30 where the government was represented by the National Property Fund (FNM, the state agency administering public property), the TASR newswire wrote, citing the Czech website motejlek.cz.
EPH – owned by Petr Kellner, Daniel Křetínský, Patrik Tkáč (co-founder of J&T) and financial giant J&T itself – will also gain managerial control. The deal is worth around €400 million. The cabinet originally intended to retain greater control over SSE, but it eventually withdrew this requirement during negotiations.
EPH has already obtained a 49-percent stake in Slovak gas utility Slovenský Plynárenský Priemysel (SPP). The majority 51-percent stake in SPP is still owned by the state.
The remaining 51-percent stake in SSE is also still owned by state, the Sme daily wrote on September 3. However, unlike the SPP case, it cannot set any condition for the purchase to be fulfilled by EPH as stemming from a different type of contract. However, the contracts are not published, the daily reported. When Sme asked the government why the original intention to buy the remaining shares from Électricité de France changed, the government responded that it lacked the money to strike a deal. The transaction still has to be approved by the Antitrust Office (PMÚ), the daily wrote.
(Source: TASR, Sme)
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