Greek Public Power Corporation (PPC) approved the acquisition of Energy Delivery Solutions (EDS), electricity trading and supply company in former Yugoslav Republic of Macedonia (FYR of Macedonia).

The approval comes three months after PPC said that it is close to acquire EDS.

“PPC’s Board of directors after completing all the required economic and legal affairs approved purchase of EDS for EUR 4.8 million”, Greek national power utility said in a statement.

PPC sees this acquisition as part of its strategy to expand business activities abroad, especially in the Balkan region where it seeks to become a leading player in view of the forthcoming integration of energy markets advocated by EU.

According to PPC statement, EDS was established in 2012 and has subsidiaries in Serbia, Slovakia and Kosovo*. It is a member of the Hungarian Power Exchange (HUPX) and has electricity trading licenses in Serbia, Kosovo*, Croatia, Bulgaria and Hungary.

EDS supplies 40% of Macedonian companies with more than 50 employees. Company’s annual portfolio amounts to 2 TWh of electricity, EDS’ website reads.

Greek PPC is one of the biggest electricity companies in Southeast Europe, with a market share of 85% in Greece.