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MVM expects to acquire stakes in electricity distributors by mid-year

The state-owned Hungarian electricity works MVM expects to acquire stakes in German utilities giant E.ON's electricity distributors in Hungary by the middle of the year, MVM CEO Imre Mártha told MTI.

In February, MVM confirmed that it was in talks on acquiring the stakes, in line with a declaration of intent signed by MVM and E.ON last June.

Due diligence on E.ON's three electricity distributors in Hungary -- E.ON Tiszántúli, E.ON Dél-dunántúli and E.ON Észak-dunántúli -- has been completed, and the appraisal of the companies is underway, Mártha said. He expressed hope a contract on the sale could be signed by the summer.

MVM wants to acquire minority stakes as a first step, Mártha said. Acquiring the stakes will increase the transparency of the electricity distributors and help

MVM achieve its strategic goal of establishing a director connection with consumers, he said. MVM has sufficient resources for the acquisitions, Mártha said. (MTI - Econews)