ENKSZ to acquire 50% of ELMŰ- ÉMÁSZ’s retail business by January 1


Hungaryʼs First National Utilities Company ENKSZ, is set to acquire 50% of ELMŰ- ÉMÁSZ Ügyfelszolgálati on January 1, 2016, Hungarian news agency MTI reported today. The remaining 50% of the shares will be transferred by January 1, 2017, following the approval of the deal at the company’s EGM on December 21.

The Hungarian government signed a declaration of intent with ELMŰ- ÉMÁSZ shareholders RWE AG, RWE Power AG, RWE-Beteiligungs GmbH regarding the acquisition of their universal retail customers in Hungary in May of this year, according to MTI.

The jointly owned ELMŰ-ÉMÁSZ Ügyfelszolgálati was formed on October 20, when universal service providing divisions from the North (ELMŰ) and the south (ÉMÁSZ) were merged into one company, information published on the Budapest Stock Exchange website today reveals. German-owned E.ON and French-owned EDF DÉMÁSZ are currently the only other universal service providers in the electricity market in Hungary, MTI reported.

The Budapest Business Journal reported earlier that such acquisitions are part of a move by the Hungarian government to reshape the country’s gas and electricity markets by pushing out foreign firms so that the state can take control of utility companies.

Universal service providers are defined as household utilities companies that apply a price structure and level controlled by the state.

Lender Liquidity Increases Further Banking

Lender Liquidity Increases Further

Hungary Condemns Iranian Attack on Israel Int’l Relations

Hungary Condemns Iranian Attack on Israel

Home Rental Rates in Hungary Rise 11.7% in March Residential

Home Rental Rates in Hungary Rise 11.7% in March

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D... Hotels

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.