Spanish renewable energy and gas supplier Audax Renovables SA says it had signed an agreement to fully acquire Hungarian power retailer E.ON Energiakereskedelmi Kft, owned by E.ON Hungária Zrt, a subsidiary of the German E.ON SE.
The transfer of ownership is subject to certain conditions, among them approval from European and Hungarian regulators. Audax says it expects to finalize the transaction between the third and the fourth quarter of 2020.
E.ON Energiakereskedelmi supplies electricity to small- and medium-sized enterprises, large industrial clients and municipalities and is said to hold around 25% market share in this segment.
Audax stands to inherit a portfolio of around 80,000 clients and up to 6 TWh (terawatt hours) worth of supplied energy per year, the company said on July 8.