MOL, Partners to Buy Alteo
Image by Postmodern Studio / Shutterstock.com
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.