German energy group E.ON reached an agreement to sell its 68% stake in Romanian electricity and natural gas supplier E.ON Energie Romania and 98% of related services unit E.ON Asist Complet to the Hungarian state-owned company MVM, according to a press release of the two companies. The terms of the deal were not disclosed.

The transaction, expected to close in the first half of 2025, is subject to the necessary approvals. 

E.ON Energie Romania is one of the largest gas and electricity suppliers in the local market, with approximately 3.4 million customers. The company reported RON 10.2 billion (EUR 2 billion) in revenues and RON 133.5 million net profit – marking a recovery from the RON 356 million losses in 2022.

Romania's Ministry of Energy said in a press release, "although the supply component does not include critical infrastructure elements, the Romanian state will use all legal levers for the strict evaluation of this possible transaction."

"The complex structure of MVM's commercial relationships and sources of capitalization, including the Hungarian company's capital flows, especially from outside the European Union, will be analyzed," the Romanian authorities said.

The screening will be nothing but routine, energy minister Sebastian Burduja stated, speaking of "national interest" and "protecting critical infrastructure."

"We have a single objective: protecting the national interest. Beyond the competition analysis, we will also verify all elements regarding energy security and compliance with the fundamental principles of protecting critical infrastructure and the internal energy market. Romanian energy companies must dare more, not only on the local market but also at the regional level. We are open to collaborations to strengthen Romania's role as a strategic actor in the European energy sector. Romania remains a pillar of stability in the region and a guarantor of energy security. We will continue to defend our strategic interests firmly and promote regional cooperation. Energy is about more than electricity and natural gas. It is about the safety of our families, national independence, and our European future. These things are not negotiable", stated minister Sebastian Burduja.

The Hungarian company announced the deal as "an important milestone for MVM's regional expansion."

"With this acquisition, MVM will further strengthen its position in Central and Eastern Europe, ensuring a solid foundation and continuity for its Romanian customers, who can continue to count on services of the highest standard. Together with the management of our future company, we aim to explore and capitalize on new synergies that will drive developments in the Romanian market and enhance MVM's increasingly important role in the region," said Károly Mátrai, CEO of MVM Group.

iulian@romania-insider.com

(Photo source: Facebook/E.ON)