The European Commission has examined the transaction under a simplified merger control procedure. It turned out that the proposed acquisition does not cause problems in terms of competition.

Pursuant to EU Merger Regulation, the European Commission has approved the acquisition of MVM Magyar Vilamos Mawek Zrt., A Czech energy company called the Czech Republic (iCR), the European Commission has announced. In their investigation, they concluded that the proposed acquisition did not cause competition concerns because the transaction would result in the companies together having only a moderately strong market position. The transaction was investigated under a simplified merger control procedure.

The Czech Republic (iCR) is now the Czech Republic’s number one natural gas trader and has a growing presence in the electricity market.

In total, it serves more than 1.6 million retail and corporate customers – we wrote about the company in July, when MBM signed a deal to buy a 100 percent stake in iCR. In addition to retail, the company also deals with production, wholesale, distribution and certain ancillary activities.

MVM is a state-owned, vertically integrated energy industry group whose portfolio covers the entire Hungarian energy system, for heat generation, electricity trading, natural gas trading and storage, transmission system management, wholesale and retail services with natural gas and electricity, including central heating and telecommunications services.

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MTI / hvg.huDownload

The parties would cooperate in other markets as well.