EVN Bulgaria Elektrorazpredelenie (EVN ER) and EVN Bulgaria Elektrosnabdyavane (EVN ES) - privatization of 33% state-owned stakes (2011)


EVN ER and EVN ES operate in electricity distribution and supply sector with exclusive licenses for operating on the territory of South-East Bulgaria.


The privatization sale of 33% of EVN ER‘s and EVN ES’s state-owned shares through the Bulgarian stock exchange was successfully executed against total cash consideration of EUR 48.1mn.


During the first day of trading, the state-owned shares were almost entirely sold to the majority owner - EVN AG, which increased its initial 67% stakes to 97,75% in EVN ER and 99,73% in EVN ES. Bulbrokers acted as an investment intermediary under mandate by the Privatization Agency of the Republic of Bulgaria.


The team of Bulbrokers Consulting participated in the transaction process with its work including preparation of the procedure from professionally drawn Prospectuses and SWOT analysis to preparation of valuations and strategy for the shares offering, marketing and successful placement of the shares.


This was the largest privatization deal in Bulgaria via the stock exchange for the past 6 years. The process triggered high level of investors’ interest despite the unfavorable economic environment.