Sofia Airport Renamed in Honor of Bulgarian Hero Vasil Levski
Bulgarian President Rumen Radev has officially renamed Sofia Airport
Bulgarian holding company Eurohold has signed a deal to buy the Bulgarian assets of Czech utility CEZ for 335 million euros ($377.9 million), it said on Thursday.
Eurohold, active in insurance and asset management, entered exclusive talks in April to acquire CEZ’s assets in the Balkan country including a power distributor that provides electricity to more than 3 million Bulgarians.
The company plans to fund the deal with a combination of equity and debt and has already mandated two global investment banks to arrange the funding.
“Eurohold’s acquisition of CEZ Group’s assets in Bulgaria is expected to be finalized after obtaining regulatory approvals,” the company said in a statement.
In April, Bulgaria’s financial regulator launched checks into Eurohold’s financial situation, pointing out that power distributors are part of European critical infrastructure and directly linked to national security.
Electricity costs are also politically sensitive in the Balkan nation of 7.1 million people, which is one of the poorest in the European Union.
CEZ, which launched arbitration proceedings seeking hundreds of millions of euros from Bulgaria for its failure to protect its energy investments in 2016, said the process would not be affected by the deal and would continue.
The company signed a contract to sell its assets in Bulgaria to local energy company Inercom in 2018, but Bulgaria’s anti-monopoly regulator blocked the deal five months later.
Bulgarian President Rumen Radev has officially renamed Sofia Airport
Courier service prices in Bulgaria are set to rise from March 1, with some deliveries increasing by nearly 10%
Tourism in Bulgaria is increasingly shifting from traditional hotel stays to more experience-focused offerings
Interest in newly built properties is on the rise, driven by factors such as increasing prosperity
A stabbing attack in the Austrian town of Villach left one person dead and five others injured on Saturday
In Krivodol, a municipality in Northwestern Bulgaria, local authorities are taking steps toward the eurozone transition well ahead of the February 20 deadline
Bulgaria's Perperikon: A European Counterpart to Peru's Machu Picchu
Bulgarians Among EU's Least Frequent Vacationers, Struggling with Affordability