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Hungary's MOL buys I&C Energo from CEZ

Hungarian oil group MOL has bought all the shares of Czech engineering and system integration company I&C Energo a.s. from Czech utility CEZ.

“Purchasing a full control in I&C Energo will enable MOL to acquire an excellent technological knowledge base in the field of power generation and transmission,” the company said in a statement.

“This will enable MOL to accelerate building up power business and provide us with internal engineering know how capabilities,” it added.

MOL did not disclose financial details of the deal.

It said I&C Energo had revenues of €58.1 million last year and its earnings before tax and depreciation (EBITDA) exceeded €4.8 million.

Last month a MOL-CEZ joint venture to invest in gas-fired power plants received competition clearance.

CEZ has supported MOL in a fight with Austria's OMV which last year made an unsolicited bid for MOL. MOL's board rejected the proposal. (Reuters)