RPG buys 85% of Pannonpower from Crossroads
Sunday, November 6, 2005, 00:00
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 Capital, 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.