CEZ completes sale of 50 pct stake in Turkish firm Akcez Enerji

Prague, Dec 1 (CTK) - Czech semi-state energy group CEZ has completed the sale of its 50 percent stake in Turkish company Akcez Enerji to Turkish investor Torunlar Group, and the transaction has been approved by the local antitrust authority and the energy regulator, CEZ said today without disclosing the financial terms.

Akcez has three subsidiaries that are involved in electricity distribution, energy sales and energy services.

Until now, CEZ has held a 50 percent stake in the joint venture Akcez Enerji with its Turkish partner AKKOK Holding. The Czech company started selling its stake last summer when it signed a sales agreement with the buyer. According to CEZ, investor Torunlar Group, which is also active in the energy sector, submitted the best offer.

The completion of the entire transaction subsequently required the approval of the Turkish antitrust authority and the energy regulator, and in particular the negotiation of terms for the refinancing of an existing loan, as parent company CEZ had issued guarantees for Akcez's liabilities to a consortium of financing banks. These were extinguished in full after the transaction was completed.

According to CEZ, the sale of the stake in Akcez is part of the group's strategic plan to divest part of its assets in selected markets. It wants to focus more on renewable energy and modern energy services, for example.

However, CEZ remains in Turkey, where it has been operating since 2008. It still holds a roughly 40 percent stake in another energy company, Akenerji Elektrik Uretim. CEZ CFO Martin Novak recently told CTK that CEZ will also want to sell this company in the future, but its sale is not imminent yet.

In addition to the Czech Republic, CEZ currently operates in six other countries, namely Slovakia, Germany, France, Poland, Romania and Turkey.

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