Sale of Repower’s business in Romania to MET Group completed
Swiss-based MET Group and Repower announce that MET Group has completed the acquisition of the entire electricity supply business of Repower in Romania. The acquisition marks the acceleration of MET’s expansion strategy in the CEE region.
Repower has been present on the Romanian market since 2007, supplying electricity and innovative services to a primarily SME clientele. The company announced the sale of its operations in Romania, including the transfer of its local staff, to MET Group on 25 July 2016. The transaction is in line with Repower’s strategy announced last year to realign its business model, which includes a stronger focus on the Swiss and Italian markets.
Commenting on the transaction, MET Group CEO Benjamin Lakatos said: “We are excited to announce the completion of the transaction, and believe this is an important milestone in the international expansion of MET Group. The combination of the two most innovative companies in Romania confers MET a strong foundation to become a very competitive power and gas supplier in Romania. By pooling our expertise in retail sales as well as in commodity trading activities, we are in a good position to deliver unique products and services.”
Repower Group CEO Kurt Bobst commented: “The combination of Repower Romania and MET Romania will create a company that I am sure will deliver maximum value to customers, and represents a tremendous opportunity for both employees and partners. I have full confidence that the new company has the capabilities to grow stronger and continue to develop unique products and services. I am truly excited for what is next for them and wish them well for the future.”
The transaction successfully completed on 8 November 2016. MET Group will continue Repower’s operations in the Romanian market.
About MET Group
MET Group is a leader in the European energy marketing sector. Headquartered in Switzerland, MET is an active participant in the European natural gas, power and oil markets. MET is present in 12 countries through subsidiaries, 26 national gas markets, and 19 international trading hubs, with natural gas turnover of more than 16 billion cubic meters. It has a significant end-consumer presence in Croatia, Hungary, Italy, Romania, and Slovakia.
Repower AG is an international energy group headquartered in Poschiavo, Switzerland. Key markets are Switzerland (including trading and origination business in Germany) and Italy. The group operates along the entire value chain, generating electricity, trading energy, marketing electricity and gas to consumers, and maintaining a distribution grid. In Switzerland Repower has focused its business on energy trading, power plant management, sales and services for energy utilities. In Italy, Repower supplies small and medium-sized enterprises as well as public institutions with electricity and gas, providing them with tailormade products.