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RPG buys 85% of Pannonpower from Crossroads

International investment holding company RPG Industries has purchased an 85% stake in energy company Pannonpower Holding, based in Pécs, southwest Hungary, from private equity company Crossroads, one of its investors, business daily Világgazdaság reported on Friday. The remaining 15% of the shares remain in the possession of the company's management. Hungary's Competition Office (GVH) gave the go-ahead for the transaction in early October. The activities of Pannonpower group include industrial design, electricity generation and trading. The group has a 190 MW power station in Pécs, which generates 1.5% of Hungary's electricity. Last year it spent Ft 8.86 billion to refit one of the plant's four blocks, a 49.9 MW biomass block that is the largest in Central Europe.
Pannonpower, RPG's first unit in Hungary, had consolidated revenue of Ft 15.3 billion last year, GVH announced when approving the deal.

For further details, see next week's BBJ.