Mytilineos SA on Thursday announced the acquisition of all outstanding shares of Volterra S.A. from AVAX S.A, with a consideration of up to 24 million euros cited.
In a press release, Mytilineos group referred to a strategic plan to expand its customer base while further “verticalize” its activities in the retail electricity and natural gas supply markets in Greece and the wider region.
Acquisition of Volterra (following another provider, Watt+Volt) increases Mytilineos’ market share of the domestic electricity retail market to 13 percent and is expected to reach 20-25 percent within 2024 with the addition of major high-voltage customers, new acquisitions and new medium and low voltage customers.
On the date of the transfer, AVAX will receive six million euros as payment and a further seven million euros as advance payment against the additional price.
Should the exchange agreement proceed as planned and certain medium and longer term goals are achieved, then the total consideration may reach a total of 24 million euros.
The acquisition is subject to all necessary approvals from the Hellenic Competition Commission and other relevant supervisory authorities.
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