MYTILINEOS announced the signing of an agreement for the acquisition of all the shares of VOLTERRA by AVAX.
This acquisition, as he points out, is part of the strategic planning of MYTILINEOS to expand its customer base, further strengthening its verticalization in the retail electricity and natural gas supply market in Greece and the wider region and contributes, to the extent it is responsible, to the consolidation and consolidation of the energy markets in our country and in the wider region with the aim of their smooth operation for the benefit of consumers.
It is recalled that the acquisition of Watt&Volt was preceded in February. “Staying true to the path it set after the Corporate Transformation of 2022, MYTILINEOS continuously strengthens both organically and through acquisitions all 5 Sub-Segments of the Energy Sector. The integration of VOLTERRA (after Watt+Volt) into the Sub-Segment M Energy Customers Solutions, increases the market share of MYTILINEOS to 13%.
With the addition of large High Voltage customers, new acquisitions and new Medium and Low Voltage customers, this percentage is expected to reach 20% – 25% within 2024, thanks to the constantly expanding portfolio of products and services focused on the supply of Electricity and Natural Gas , but also smart products and solutions close to the energy spectrum at competitive prices”, emphasizes MYTILINEOS.
AVAX will collect on the transfer date an amount of Euro 6 million as an initial price and an amount of Euro 7 million as an advance payment of an additional price. According to the announcement, if certain conditions of the transaction develop smoothly and certain medium and long-term goals are achieved, the total price can reach up to the maximum amount of 24 million.
The transaction is subject to the receipt of the necessary approvals from the Competition Commission and other authorities.