Settlement of the transaction is also conditional on the arrangement of bank financing. The sale of the stake in Akcez is part of CEZ’s strategic plan to divest part of its assets in selected markets and focus on decarbonizing its production portfolio and developing renewable sources and modern energy services in the Czech Republic and Europe. ČEZ informed about this in a press release today.
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Akcez owns ČEZ together with Turkish partner Akkök Holding. The buyers are the Turkish company Torunlar Enerji Sanayi ve Ticaret and Başkent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi of the Torunlar Group. Akcez includes three subsidiaries that are engaged in electricity distribution, energy sales and energy services.
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ČEZ started the sales process in cooperation with its partner Akkök last summer after testing the preliminary interest of potential investors. After submitting binding offers, ČEZ agreed on the terms of the sale of its fifty percent stake in Akcez to the Turkish investor Torunlar Group. Akkök remains in the project. The transaction still needs to be approved by the antimonopoly authority and the energy regulator in Turkey. To complete the transaction, it is also important to negotiate the terms of the refinancing of the existing loan. The advisor for the sale was the international investment bank Citi and the Turkish investment bank İş Yatırım.
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Torunlar Enerji Sanayi ve Ticaret is a Turkish investment holding company and the majority owner of Başkent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi. Başkentgaz is the second largest gas distributor in Turkey, publicly listed on the Istanbul Stock Exchange. Both named companies are part of the Torunlar Group.
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Leaving after 13 years
CEZ Group entered the Turkish market in 2009. As part of the privatization of the Turkish energy industry, other players, such as E.ON, RWE and OMV, also entered the country at the same time. The distribution company Sakarya Elektrik Dağitim (SEDAS), as the main subsidiary of Akcez, has approximately two million consumption points and manages 60,000 kilometers of distribution networks. The sales company Sakarya Elektrik Perakende Satis (SEPAŞ) supplies electricity to 1.8 million customers. Founded in 2021, Sepaş Akilli Çözümler (Sepaş Smart Solutions) provides energy efficiency services.
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The ČEZ Group is also active in Turkey as part of another joint venture company, Akenerji Elektrik Üretim. It primarily deals with the production of electricity from renewable and gas sources. According to information on website CEZ co-owns nine power plants in Turkey with a total installed capacity of 1,224 MW. The portfolio is dominated by the Egemer steam-gas power plant with an installed capacity of 904 MW and seven hydropower plants with an installed capacity of 288.9 MW. The output of the wind power plants is 28.2 MW.
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Last year, ČEZ completed the sale of Bulgarian and Romanian assets. The buyer, the Bulgarian financial company Eurohold, paid 335 million euros (about 8.6 billion crowns a year ago) for the sale of Bulgarian assets. The divestment process in Bulgaria started already in 2017 with the sale of the decommissioned Varna coal power plant. CEZ’s total sales in Bulgaria exceeded ten billion crowns. The companies did not state the price of the sale of assets in Romania, analysts previously estimated that ČEZ received 25 to 30 billion crowns for the sale. ČEZ entered the Bulgarian market in 2004, and the Romanian one a year later.
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The net profit of the ČEZ Group last year was 9.9 billion crowns, an increase of 81 percent year-on-year. After adjusting for extraordinary effects, the profit, on the other hand, fell by three percent year-on-year to 22.3 billion crowns. CEZ is 70 percent owned by the state through the Ministry of Finance, the rest is held by private shareholders.
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