Romania: Electrica to buy back stakes owned by investment fund ‘Fondul Proprietatea’

State-controlled electricity holding Electrica will acquire the 22% stakes owned by investment fund Fondul Proprietatea in four of its subsidiaries for RON 752 million (EUR 165 million).

The two parts signed a memorandum at the end of last week.

The four Electrica subsidiaries include Distributie Muntenia Nord, Distributie Transilvania Sud, Distributie Transilvania Nord and Electrica Furnizare.

The deal had a 15% discount compared to the value at which these stakes were assessed in the fund’s portfolio at the end of March this year. Fondul Proprietatea will also get the 2016 dividends from these companies.

The negotiations between the two parts started in 2014.

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