Petrol sells stake in Gen-I to Gen-EL


June 22, 2016






June 22, 2016





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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