Alteo to buy local RWE-EnBW-owned peer

Telco

Hungarian energy services provider Alteo signed an agreement to buy 100% of peer Sinegy from the local units of Germany's RWE-EnBW for an undisclosed price, Alteo said today, adding that it would finance the acquisition with the proceeds of bonds issued this year.

The transaction depends on the approval of Hungary's competition and energy authorities as well as on the fulfillment of conditions specified in the sales contract.

Alteo had a revenue of HUF 6.2 bln last year, while Sinergy booked a slight loss on sales of HUF 4.2 bln.

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