An agreement for the acquisition of all the shares of the company WATT+VOLT, announced Mytilineos, as part of its strategic planning for the development of its activity in the retail market of electricity and natural gas supply in Greece and in the wider region.
As Mytilineos underlines, with the addition of WATT+VOLT’s portfolio of 200,000 customers, the company’s activity in the retail electricity and natural gas supply market (where through Protergia – Electricity & Natural Gas Sector it already holds the 1st position among private providers ) is amplified manifold.
The single market share now reaches 10%, with 550,000 customers and almost 100 stores, while at the same time the presence in electric mobility is significantly strengthened with 516 charging points throughout the territory.
The integration of WATT+VOLT and the expansion of the customer base further strengthens the verticalization of the Electricity & Natural Gas Sector of Mytilineos and is an important step towards creating the provider of the new era (“Utility of the Future”), emphasizes listed.
An important role in the agreement for the Transaction was played by Mytilineos Management’s view of the quality and excellence of WATT+VOLT’s management force, which, through innovative ideas and practices, made it a very important market player vis-Ã -vis private providers with significant production base. The management in question, under the CEO of WATT+VOLT, Tassos Papanagiotou, will join the management of the Retail Electricity & Natural Gas Division of Mytilineos.
The total price for the Transaction amounts to 36 million euros, of which 20 million euros will be paid in cash and 16 million euros in Mytilineos shares. The shares in question will come from the Own Shares of Mytilineos and will be available at a price of 17 Euros per share.
In relation to the Transaction the President and CEO of MYTILINEOS, Evangelos Mytileneosstated:
“I am particularly happy about this agreement, as WATT+VOLT is a very important player in the retail energy market and one of the healthy companies in the sector. By integrating it into the Electricity & Natural Gas Sector of MYTILINEOS, we strengthen and grow even more more our footprint in the market, where our company aspires to create the “Utility of the Future”, the most integrated energy provider of the new era.
I am convinced that the merger and the new management force will help to offer better and more competitive services and products for the benefit of consumers and that this development will give new dynamics and allow us to move with even greater confidence in a changing environment which presents significant business challenges as well as opportunities”.
On the occasion of the Transaction, the President and CEO of WATT+VOLT, Tasos Papanagiotoustated:
“WATT+VOLT’s agreement with MYTILINEOS seals in the best possible way a huge effort of 11 years in which we have achieved, with much less means than our competition, very high growth rates, excellent financial results, continuous technological innovation and, ultimately, the creation of one of the largest portfolios of retail electricity and natural gas customers in the Greek market, which we serve with consistency, honesty and a constant effort to respond to their needs. It is a special honor for our company, the human her potential and me personally, the recognition of this successful course on behalf of MYTILINEOS Management.
This transaction creates the right conditions for the formation of the largest, by far, private operator in Greece in the retail electricity and natural gas sector. I sincerely expect that, through this process, the best elements of both organizations will emerge, which will allow us to move with even greater confidence in a changing environment that today presents exceptional challenges, but also important business opportunities “.
It is noted that the Transaction is subject to the completion of the contractual texts of the Transaction, as well as the receipt of the necessary approvals from the Competition Commission and other authorities.
Source: Capital
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