German E.ON Sells Innogy’s Retail Business To Hungary’s MVM

German utilities giant E.ON will sell its entire end-customer electricity and gas business in the Czech Republic to Hungarian energy group MVM, E.ON said in a statement on Saturday, July 11.

MVM joined a shortlist of Czech groups bidding for Innogy’s nearly 1.6 million gas and electricity customers in the Czech Republic in May and emerged as the frontrunner, sources told Reuters at the end of June.

Czech-owned energy and investment groups EPH, KKCG, and Sev.en Energy also bid, sources had said.

For MVM, which is state-owned, the Czech deal is part of a push to expand into central and eastern Europe, its chief executive said in an interview in early June.

MVM, whose assets include Hungary’s nuclear power plant, gas-fired and solar power generation capacities, the Hungarian grid operation and interests in the gas market, announced on Saturday it aimed to boost competitiveness in the Czech market.

Full Content: Yahoo

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.