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E-Star to close EETEK acquisition on July 12

Hungarian energy service company E-Star Alternative on Monday said it would close its acquisition of Polish peer EETEK Group on July 12.

E-Star announced in May that it signed an agreement to acquire EETEK Group for EUR 21 million, doubling its size, facilitating its entry onto the Polish energy market and boosting revenue by EUR 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 EUR 5.1 million.

E-Star said at the time the transaction was to be closed by May 31, 2011 at the latest.