EC clears sale of CEZ assets in Romania to Macquarie

The European Commission has cleared the sale of Romanian assets estimated at EUR 1 billion by Czech utility group CEZ to Australia's Macquarie Infrastructure and Real Assets (MIRA), Profit.ro reported.

The deal needs approval from Romania's National Defense Council (CSAT) before completion.

CEZ Group signed last October the sale of most of its assets in Romania to funds managed by Macquarie.

The Czech group will sell seven companies with operations in electricity distribution, electricity supply, and power generation (the largest onshore wind farm in Europe located at Fantanele - Cogealac).

Following the transaction completion, CEZ Group will remain active in Romania, focusing on energy trading (CEZ Trade) and energy services (High-Tech Climate).

Among the other bids for CEZ's Romanian assets, one was placed by the Romanian state companies Hidroelectrica, Electrica, and SAPE, as part of a consortium.

MIRA is part of Macquarie Asset Management, the asset management arm of the Macquarie Group, a diversified financial group that offers clients asset management and financing solutions, banking, consulting and risk services, and equity solutions for debt, equity and commodities. Founded in 1969, the Macquarie Group has over 15,800 employees and is listed on the Australian Stock Exchange.

In 2005, CEZ paid just over EUR 150 million, of which over EUR 100 mln went into a capital increase, for 51% in Electrica Oltenia.

The company operates electricity distribution networks in Romania's Oltenia region and also had supply operations at that time.

In 2008, CEZ also took over a 600MW wind farm from Continental Wind Partners upon investments estimated by the Czech group at EUR 1.1 billion.

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