Global law firm White & Case LLP has advised Hungary’s state-owned energy group MVM on the acquisition of the entire share capital in innogy Česká republika, a.s. (innogy) from Innogy Beteiligungsholding GmbH, a member of the Innogy / E.ON Group.
MVM joined a shortlist of bidders in the highly competitive auction sale process for Innogy, the number one gas retailer in the Czech Republic and a fast-growing challenger in electricity retail, which supplies customer endpoints across the residential and business segments. The business also includes innogy’s cogeneration assets as well as wholesale and mobility solutions.
The transaction is subject to the customary merger control and regulatory approvals from the European Commission, which has set the sale of innogy as a remedy within the broader pan-European transaction between E.ON and RWE.
MVM Group is a sovereign-owned integrated energy company with the highest market share in the national electricity and gas markets in Hungary and more than 50 years of experience in managing strategic energy assets, including the country’s largest power generation portfolio, leading trading and sales portfolios and the Hungarian electricity transmission network.
The White & Case team which advised on the transaction was co-led by partners Jan Andruško and Vít Stehlík (both Prague) and included partner Ivo Janda (Prague), local partners Jan Stejskal, Jan Jakoubek, Václav Žaloudek, Tomáš Ščerba (all Prague) and Jan Ole Eichstädt (Frankfurt), counsel Pavel Čížek (Prague) and associates Iva Čechráková, Monika Sedláčková, Lukáš Pavlík, David Wilhelm, Radek Kraus, Anna Stárková, Martin Voříšek and Jan Voborský (all Prague).