electrica Makes Move for Distribuție Energie Oltenia, Macquarie’s Last Romanian Asset – Sources
Electrica, a leading Romanian energy group, has submitted an offer to acquire Distribuție Energie Oltenia (DEO), the final Romanian asset held by investment firm Macquarie, according to sources. This move comes after a previous attempt by Electrica, alongside Hidroelectrica and SAPE, to purchase CEZ assets – including what is now DEO – failed in 2023, with Macquarie ultimately winning the bid. That prior loss was widely viewed as a setback for Romanian companies.
DEO, operating under the Evryo group umbrella (the rebranded Macquarie-acquired CEZ business), currently serves over 1.5 million consumers across seven counties in the Oltenia region: Dolj,Argeş,Olt,Gorj,Vâlcea,Mehedinţi and Teleorman. Recent financial data from Termene.ro indicates DEO reported a turnover of 1.57 billion lei in 2024, mirroring 2023’s performance, and a net profit of 260 million lei, slightly down from 266 million lei the previous year. The company employs approximately 1,500 people.
Electrica’s potential acquisition is supported by a planned one billion euro loan, announced shortly after initial reporting on the possibility of acquisitions. The proposal to secure this financing was presented to shareholders for approval on november 29th. According to documentation from Electrica’s Annual General Meeting (AGM) convenor, the financing is intended for acquiring companies, stakes in companies, business lines, or individual assets within Electrica’s field of activity, with a cumulative ceiling of 1 billion EUR (or equivalent in lei) between 2025-2027. The AGM documentation specifies potential targets include entities located in Romania, neighboring countries, or other European Union member states.
Electrica already operates three of Romania’s eight electricity distribution areas – North Transylvania, South Transilvania, and North Muntenia – and serves 4 million users nationwide. Despite this existing market share, the acquisition of DEO is not expected to raise competition concerns, as energy distribution is a state-regulated natural monopoly.
electrica Group is a key player in Romania’s electricity market, operating across distribution, supply, and production, and is also a important provider of energy services. Listed on the Bucharest and London stock exchanges since July 2014, Electrica is the only Romanian company publicly traded that integrates operations across all three segments of the electricity sector.
