EnBW is exiting the Hungarian market after 25 years, with the disposal of two Hungarian electricity supply companies, ELMÜ and EMASZ.
Financial terms were not disclosed.
The buyer is a subsidiary of E.ON, which had already indirectly obtained majority shareholdings in ELMÜ and EMASZ in the recently completed acquisition of Innogy. With the transaction, the group will acquire EnBW’s remaining 27 percent stake.
“The two minority shareholdings have done very well since our entry into the Hungarian market around 25 years ago,” explained Thomas Kusterer, CFO of EnBW. “But the new ownership structure means that their strategic importance for us has declined, and we are now making use of the opportunity to withdraw from the market on financially attractive terms.”
The disposal is also in line with the divestment targets under the company’s 2020 Strategy and the related portfolio transformation, according to Kusterer.
The assets, Budapesti El