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Competition Office clears Videoton acquisition of alternative energy company

Hungary's Competition Office (GVH) on Monday said it approved the acquisition of a 51% stake in alternative energy company STS Group by Hungarian-owned contract electronics manufacturer Videoton.

GVH said the merger of the companies which have different spheres of activities is unlikely to have any adverse affect on competition.

Videoton spent HUF 1.5 billion on the acquisition, including infrastructure and other investments, co-CEO Péter Lakatos said when announcing the transaction in June

Videoton, which has a lot of free capital, was looking for investment opportunities outside of its traditional markets and decided to make the energy sector part of its long-term strategy, said co-CEO Ottó Sinkó.

STS Group is active in the areas of wind, water, biomass and biogas energy. (MTI-ECONEWS)