German electric energy company E.ON has finalized the deal to sell its Bulgarian unit E.ON Bulgaria to private Czech company Energo-Pro, it emerged on Friday.
The news comes half a year after Bulgaria's Commission for Protection of Competition (CPC) cleared the acquisition of E.ON Bulgaria EAD by the Czech utility.
"Our main priority at the moment is to assure Bulgarian authorities and consumers that Energo-Pro is a reliable partner and a high-quality electricity supplier," Irji Krushina, chairman of Energo-Pro Board of Directors, commented.
Following the wrapping up of the deal, Energo-Pro starts serving 1.1 million clients in North-Eastern Bulgaria, including the Black Sea city of Varna.
The unit operates a distribution network of about 42,000 kilometers in northeast Bulgaria and delivered around 5.5 billion kWh of electricity in 2011.
Energo-Pro stepped on the Bulgarian energy market in 2000 and currently owns eight hydroelectric power plants, united in three cascades - Sandanska Bistrica, Koprinka and Petrohan - making it the largest private producer of hydroelectric power in the country.
Energo-Pro was established in the Czech Republic in 1994. Currently, Energo-Pro operates in the Czech Republic, Bulgaria, Turkey and Georgia. The company employs more than 6,000 people.
In 2004, the Balkan country sold 67% in its three power distributors to Germany's E.ON, Austria's EVN and Czech CEZ.