A year and a half after beginning its divestment process, CEZ Group has sold its Romanian assets to funds managed by Macquarie Infrastructure and Real Assets (MIRA). Financial terms were not disclosed.
The transaction involves seven Romanian companies, including Distributie Energie Oltenia, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vanzare, TMK Hydroenergy Power and CEZ Romania. Through the sale of the companies, CEZ will increase its debt capacity, will be able to redirect funds to development investments related to the group's current strategy and will be able to pay a higher dividend to its shareholders.
CEZ Group said a high level of competition among investors was maintained throughout the entire transaction, but MIRA's offer was the most attractive of all the submitted bids.
CEZ entered the Romanian energy market in 2005 with the acquisition of the distribution company Electrica Oltenia, which operates 86,665 kilometers (53,851 miles) of electric