Bulgaria's Synergon Holding Gets Regulatory Nod to Acquire V-Gas Bulgaria

Source Press
Company Synergon Holding PLC 
Tags Corporate Deals, Deals, LNG & Gas Storage/Processing, Refining & Marketing Activities
Date May 03, 2019

(seenews.com) Bulgarian diversified group Synergon Holding [BUL:6S7] said on Friday that it has received anti-trust clearance to acquire liquefied petroleum gas (LPG) retailer V-Gas Bulgaria.

The regulator's decision can be appealed within 14 days of its publication, Synergon Holding said in a bourse filing.

As at 9:30 CET on Friday the decision was not yet published on the Commission for Protection of Competition's website.

V-Gas Bulgaria is a wholly-owned subsidiary of local Erast, which in turn is fully owned by private investor Albena Ivanova, according to commercial register data.

Erast was the second-largest shareholder in Synergon Holding at the end of 2018, with a stake of 7.26%, according to Synergon Holding's annual financial statement.

V-Gas Bulgaria generated sales revenue of 97.9 million levs ($56.8 million/50.1 million euro) in 2017, up from 73.9 million levs the year before. The company ended 2017 with a net profit of 753,000 levs, which compares to 305,000 levs in 2016.

Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd