Spain's Audax to acquire E.ON's power retailer in Hungary

Spanish renewable energy and gas supplier Audax Renovables SA (BME:ADX) on Wednesday said it had signed an agreement to fully acquire Hungarian power retailer E.ON Energiakereskedelmi Kft.

The targeted company is owned by E.ON Hungaria Zrt, a local subsidiary of German electric utility group E.ON SE (ETR:EOAN).

The transfer of ownership is subject to certain conditions, among them approval from European and Hungarian regulators. Audax expects to finalise the transaction between the third and the fourth quarter of 2020, it said.

The move will represent Audax’s debut in the Hungarian market. E.ON Energiakereskedelmi supplies electricity to small and medium-sized enterprises (SMEs), large industrial clients and municipalities and is said to hold around 25% market share in this segment.

Audax stands to inherit a portfolio of around 80,000 clients and up to 6 TWh worth of supplied energy per year.

The Spanish group is targeting a 500,000-strong client base and a total volume of 15 TWh of energy in 2022, Audax added.

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