Hungarian company MVM, majority controlled by the state, has reportedly reached an agreement to buy the gas and electricity supply division operated in Romania by the German group E.ON, according to sources familiar with the negotiations consulted by G4media.ro and Economedia.ro. The parties involved avoided or were not available for comments.

In March, the German company told Economedia.ro that it was doing a "strategic review of the business."

The deal, which also needs the approval of some institutions of the Romanian state, is expected to be announced in a few months. 

Romgaz and OMV Petrom were also interested in buying E.ON's supply division.

E.ON Energie Romania, a member of the German E.ON Group, is one of the largest gas and electricity suppliers in Romania, with a portfolio of around 3.4 million customers.

If the transaction is to be approved by the management of the two companies, it must also be approved by the Competition Council, as well as by the Commission for the examination of foreign direct investments.

iulian@romania-insider.com

(Photo source: Facebook/E.ON)