Regulator Gives Go-ahead for Alteo Buyout
The Hungarian Energy and Public Utilities Regulatory Office (MEKH) has given prior consent for the buyout of alternative energy company Alteo, the company said in an announcement on the website of the Budapest Stock Exchange.
Hungarian oil and gas company MOL announced late in December that it is partnering with Diófa Asset Management and Indotek-Investments to acquire a majority stake and joint control in listed Alteo.
The parties agreed with Alteomajority 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 the alternative energy firm.
he National Bank of Hungary (MNB) had suspended the clearance procedure for the mandatory public purchase until MEKH weighed in on the transaction.
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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