Tha Hungarian MVM acquires one of the largest energy trader companies in the Czech Republic

According to the statement this is a real milestone in the regional expansion strategy of MVM. With the transaction concluded on Friday, MVM Zrt. gained 100 percent ownership of Česká republika a.s., which is the leading natural gas trader in the Czech Republic, and its presence is also growing in the electricity trading market. The transaction also includes the company’s cogeneration assets as well as its wholesale and e-mobility portfolio.

As owner of one of the leading players in the Czech market, MVM will further strengthen its position in the Central and Eastern European energy market and provide a strong background and continuity for Czech innogy and its customers, who can continue to count on the highest quality services

emphasized György Kóbor, Chairman and CEO of MVM Zrt, and added that working together with the management of the company they aim to identify and exploit new synergies that will enable them to further develop innogy in the Czech Republic and promote MVM’s increasingly dominant role in the region. Tomás Varcop, CEO of innogy Ceská republika a.s. emphasized that together with MVM they can further develop their products and services, as MVM provides a stable background and new opportunities.

He pointed out that they can expand their business portfolio with new activities, including electric power generation, European wholesale markets, natural gas storage or LNG.

The parties signed a sales agreement on 10 July 2020, which was concluded after approval by the European Commission. The change of ownership will not involve any contract modification for Czech customers, and the new owner MVM will continue to work together with the previous management of the company, the statement concludes.