A PYMNTS Company

Bulgaria: Regulator blocks Eurohold’s buy of CEZ’s assets

By  |  October 24, 2019

Bulgaria’s competition regulator on Thursday blocked insurance and financial group Eurohold’s  acquisition of the Bulgarian assets of Czech utility CEZ, saying the 335 million euro deal could hinder competition. 

The regulator, which launched in-depth inquiry into the deal earlier this month, said the acquisition would give the new group a serious competitive advantage both on the energy and the insurance markets in the Balkan country, reported Reuters. 

“The economic strength and the market positions of the merging companies create preconditions for an establishment or an increase of a dominant market position of the new group as well as to significant hindering of the efficient competition on the relevant markets,” the regulator said in a statement. 

The regulator argued Eurohold has a significant share of the market in insurance guarantees, while some of CEZ’s Bulgarian companies are active in energy trades, which require bank and insurance guarantees.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.