Electricity

Petrol sells stake in Gen-I to Gen-EL

Published

June 22, 2016

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Published:

June 22, 2016

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IG energetski sistemi (IGES) d.o.o., part of Petrol Group, agreed to accept EUR 45.1 million for its half of ownership in electricity and natural gas supplier Gen-I d.o.o., headquartered in Krško, in a deal with Gen-EL d.o.o. The transaction will be carried out in two parts: one by the end of this year, following the fulfilment of suspensive conditions, and the second by mid-2018, according to Petrol.

The other 50% in ownership is held by Gen Energija d.o.o., also a Slovenian company from Krško. Gen-I, on the other hand, controls a half of the buyer, Gen-EL, while Gen Energija and Petrol have 25% each, meaning Petrol will keep a share of ownership.

Croatian national power company HEP Group and state-owned Gen Energija of Slovenia had reportedly been planning to acquire Gen-I, the latter with its pre-emptive right. HEP and Gen Energija control nuclear power plant NEK Krško, while its power is sold by Gen-I. The supplier operates in more than 20 European countries, and has 15 subsidiaries: in Austria, Italy, Hungary, Romania, Bulgaria, Serbia, Bosnia and Herzegovina, Croatia, Macedonia, Kosovo*, Albania, Greece, Turkey, Ukraine and Georgia.

* This designation is without prejudice to positions on status and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.

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