MOL, Partners to Buy Alteo

Deals

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Hungarian oil and gas company MOL on Saturday said it is partnering with Diófa Asset Management and Indotek-Investments to acquire a majority stake and joint control in listed alternative energy company Alteo, according to a report by state news wire MTI.

MOL unit MOL RES signed an agreement on Friday with Diófa's Fonix Private Equity Fund and Indotek-Investment's Riverland Private Equity Fund to act in concert to acquire the majority stake.

The parties agreed with Alteo majority owner Wallis Asset management to acquire a 61.557% stake in Alteo, in two steps, at a price of HUF 2,872 per share, after which MOL RES announced a mandatory public purchase offer for all outstanding Alteo shares at a price of HUF 3,040 per share.

All three of the parties are to acquire equal stakes in Alteo.

The 180-day average share price for Alteo stands at HUF 2,893. The share price reached a historical high of HUF 3,440 on December 14, 2022.

Alteo has a renewable energy capacity of 69 MW as well as conventional electricity and heat production. It operates and services industrial power plants and is active in energy trading, waste management, and e-mobility.

The acquisition will allow MOL to increase its footprint in green power generation and trading, in line with its 2030 strategy to invest in new, low-carbon, circular economy businesses.

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