Mol increases its stake in Alteo and exits Waberer’s

According to the information, Mol and the Főnix Private Equity Fund managed by Gránit Alapkezelő Zrt. have entered into a purchase and sale agreement under which Mol RES Investments Zrt., which is exclusively owned by Mol, will acquire Főnix’s 15.38 percent stake of 3,064,849 Alteo shares.

As consideration for the transaction, Mol Vagyonkezelő Kft., owned by Mol, will sell its 15 percent stake in Waberer’s, consisting of 2,654,061 shares, to Főnix.

According to the announcement, the transaction was priced based on the 180-day average of the share prices of the two listed companies, and the share packages involved in the exchange are considered equivalent, so the transaction does not involve cash flows.

György Bacsa, Strategic Managing Director of Mol Group, announced in the announcement that Mol is strengthening its strategic cooperation with Alteo in order to achieve its sustainability and competitiveness goals.

“In the future, we will further increase our renewable energy capacities and thereby contribute to strengthening Hungary’s energy security”– he added.

The transaction requires regulatory approvals: the transfer of Waberer’s shares requires the approval of the Central Bank, while the transaction of Alteo shares requires the approval of the Hungarian Energy and Utilities Regulatory Authority and the Hungarian Competition Authority.

The transactions are expected to close in the second quarter, with the closing of each transaction being mutually conditional.