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E-Star closes EETEK acquisition

Hungarian energy service company E-Star Alternative said late Tuesday it closed the acquisition of Polish peer EETEK Group on July 12.

E-Star announced in May it signed an agreement to acquire EETEK Group for €21 million, doubling its size, facilitating its entry onto the Polish energy market and boosting revenue by €40 million.

The acquisition of 100% of EETEK Group enables E-Star to get access to energy generation capacities of Mielec and Gorlice as well as to control the electricity trading services of Euroenergetyka. E-Star also acquires FondElec Polska in Poland and two Hungarian projects.

The deal is expected to boost E-Star's EBITDA by €5.1 million.