Mytilineos announced on Tuesday that it signed an agreement for the acquisition of all shares of EfaEnergy for 4.5 million euros.
The acquisition, the second in August and the fourth in the last year (Watt+Volt, Unison, Volterra), is part of Mytilineos’ strategic plan to expand its customer base and further vertical integrate into the retail energy supply market, in this case with an emphasis on natural gas, it said in an announcement.
Mytilineos is the leading supplier and provider of natural gas in Greece and the wider region of Southeastern Europe, with an expanded supply portfolio, through liquefied natural gas (LNG) cargoes and pipeline gas, with the possibility of export activity. It has paved the way for the liberalization of the natural gas market in Greece, as it was the first private company back in 2010 to enter the supply and trading natural gas market in the country, breaking sale monopolies and ensuring its customers a secure and competitive supply of natural gas to both B2B and B2C customers.
According to the announcement, the integration of EfaEnergy helps Mytilineos further strengthen its M Energy Sector, and the sub-sector M Energy Customers Solutions by increasing its market share with an additional 11,000 customers, the majority of which are natural gas supplies, mainly in central Macedonia and Thessaly, increases its industrial clientele, while increasing its physical presence with an additional 14 stores.
The transaction is subject to obtaining the necessary approvals from the Hellenic Competition Commission and other authorities.