ČEZ board agrees sale of Bulgarian assets

The supervisory board of Czech electricity company ČEZ’s said it had agreed the sale of its remaining Bulgarian assets to local company Inercom.

The final sale agreement is expected within days. The deal still has to be cleared by Bulgaria’s anti-monopoly authority.

The sale of the seven companies should draw a line under ČEZ’s 14 year history in Bulgaria which has in recent years involved frequent conflicts with the government and regulators.

ČEZ added though that the Bulgarian experience had turned a profit and that the final offer from Inercom was well over the market valuation of the assets and the valuation set by an independent analyst.