E.ON sells innogy Ceska republika to Hungarian power company MVM Group

E.ON, a German electric utility company, has agreed to sell innogy Ceska republika, the entire electricity and gas retail business in the Czech Republic of its subsidiary innogy, to Hungarian power company MVM Group, for an undisclosed price.

The sale is subject to receipt of approval from the European Commission and is likely to be completed by the year-end.

Currently, innogy caters to 1.2 million gas customers and 0.4 million electricity customers in the Czech Republic.

According to E.ON, the sale represents the last step in the fulfillment of the remedies from E.ON regarding the antitrust approval of the company’s takeover of innogy. Previously, E.ON signed agreements to sell a significant part of E.ON’s German heating electricity business, which is part of the group’s electricity retail business in Hungary and about the discontinuation of the construction and operation of various electric-vehicle charging stations on motorways across Germany.

E.ON sells innogy Ceska republika to MVM Group. Photo courtesy of Wiki05/Wikipedia.org.