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ČEZ Completes Sale of Its 50% Stake in Turkish Company Akcez Enerji

The semi-state energy group ČEZ has finalized the sale of its fifty percent ownership in the Turkish company Akcez Enerji to the Turkish investor Torunlar Group. The transaction has received approval from the local antimonopoly authority and the energy regulator. Akcez comprises three subsidiaries engaged in electricity distribution, energy sales, and energy services, as reported by ČEZ on Friday. The financial terms of the sale were not disclosed. In Turkey, ČEZ still owns the company Akenerji Elektrik Üretim.

To complete the transaction, approval from the Turkish antimonopoly authority and the energy regulator was required, along with negotiations on the refinancing conditions of the existing loan. This was crucial because ČEZ's parent company had guarantees for Akcez's obligations to a consortium of financing banks, which were extinguished in full upon completion of the transaction.

The sale of the stake in Akcez is part of ČEZ's strategic plan to divest certain assets in selected markets. The company aims to focus more on renewable sources and modern energy services.

Having entered the Turkish energy market in 2008, ČEZ intends to remain active in the country even after the sale of its Akcez stake. The sale of the second company, Akenerji Elektrik Üretim, where the Czech group holds approximately a 40% stake, is not as imminent. However, ČEZ also plans to address its future. According to Martin Novák, former CFO of ČEZ, it is currently more of a market-related question. He emphasized that the performance of Turkish companies covers their operations but does not yield significant contributions, attributing the complexity of the Turkish market to high inflation and the decline of the Turkish lira.

Currently operating in seven countries, including the Czech Republic, Slovakia, Germany, France, Poland, Romania, and Turkey, ČEZ's future international focus involves developing modern energy within ESCO services and renewable energy production.

Source: E15

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