Swiss MET Group completed the acquisition of RWE Energie in Romania
RWE Energie SRL (RWEE) in Romania is now wholly owned by Switzerland-based MET Group, following the successful completion of a shares purchase transaction. This acquisition consolidates MET’s position on the non-residential electricity market and places the company among the top 3 suppliers in Romania.
MET Group and Innogy Group (ELMŰ-ÉMÁSZ) signed an agreement on the acquisition by MET of RWEE on 29 May 2018. MET Group was already present in Romania via its subsidiary, MET Romania Energy S.A.
The acquisition of RWEE represents an excellent opportunity to integrate a sizeable energy supply portfolio in the Romanian market – with the potential to realize synergies and marks a further consolidation by MET Group of the Romanian market. With a steadily growing market share, close to 10%, MET is in the top 3 on the Romanian non-residential electricity supply market, with about 5,000 consumption points served in total.
The transaction was completed on 3 September 2018 and was cleared by, among other authorities, the Romanian Competition Authority.
RWEE’s main activity is the supply of electricity and natural gas to business customers in Romania, mainly manufacturing companies from energy-intensive industries and retail store chains. The purchase agreement was reached following a competitive tender.
Commenting on the transaction, Petre Stroe, CEO of MET Romania said: “With this new acquisition, MET continues to strengthen its position on the market and the combination of the portfolios of MET Romania and RWEE will result in an increased operational efficiency, helping us to provide our customers with reliable, high standard services.”
MET Group, an integrated energy company with a strong European presence, is determined to maintain business and customer service continuity. The change of ownership will not affect RWEE’s operations.
About MET Group
MET Group is an integrated European energy company, headquartered in Switzerland, with activities in natural gas, power and oil, focused on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets. MET is present in 15 countries through subsidiaries, 28 national gas markets and 23 international trading hubs. The Group is owned by its managers and employees, CEO Benjamin Lakatos having a majority stake of 80%. The company’s workforce of over 1,700 employees currently comprises a total of 32 nationalities.
RWEE is a wholly-owned subsidiary of ELMŰ and ÉMÁSZ, the Hungarian arm of the Innogy Group. The Company was established in 2008 and acquired by RWE in 2014. RWEE’s main activity is the supply of electricity and natural gas to business customers.