MYTILINEOS acquires WATT+VOLT
Completion of the deal creates the "Utility of the Future", the most integrated energy provider of the new era
MYTILINEOS, as part of its strategic plan for the development of its activities in the retail market for the supply of electricity and natural gas in Greece and the wider region, announces the agreement to acquire all the shares of WATT+VOLT.
With the addition of WATT+VOLT’s portfolio of 200,000 customers, MYTILINEOS’ activity in the retail electricity and gas supply market (where, through Protergia – Electricity & Gas Sector, it already holds the 1st position among private providers) is strengthened manifold. The single market share now reaches 10%, with 550,000 customers and almost 100 stores, while at the same time the presence in electromobility is significantly strengthened with 516 charging points throughout the country.
The integration of WATT+VOLT and the expansion of the customer base further strengthens the vertical integration of the Electricity & Gas Sector of MYTILINEOS and represents an important step towards the creation of the new era provider (“Utility of the Future”).
An important role in the Transaction Agreement was played by the view of MYTILINEOS’ Management on the quality and excellence of WATT+VOLT’s staff, which, through innovative ideas and practices, has made it a very important market player against private providers with a significant production base.
This staff, under the CEO of WATT+VOLT, Tasos Papanagiotou, will join the staff of the Retail Electricity & Gas Division of MYTILINEOS.
The total consideration for the Transaction amounts to EUR 36 million of which EUR 20 million will be paid in cash and EUR 16 million in MYTILINEOS shares. These shares will be issued from MYTILINEOS’ Treasury Shares and will be offered at a price of EUR 17 per share.
In relation to the Transaction, the President and CEO of MYTILINEOS, Evangelos Mytilineos, said: “I am particularly pleased about this deal, as WATT+VOLT is a very important player in the retail energy market and one of the healthy companies in the sector. By integrating it into the Electricity & Gas Division of MYTILINEOS, we are further strengthening and enlarging our footprint in the market, where our company expects to create the “Utility of the Future”, the most integrated energy provider of the new era.
I am convinced that the merger and the new staff will help us to offer better and more competitive services and products for the benefit of consumers and that this development will provide new momentum and allow us to move forward with even greater confidence in a changing environment that presents significant business challenges and opportunities.”
On the occasion of the Transaction, Tasos Papanagiotou, President and CEO of WATT+VOLT, said: “WATT+VOLT’s agreement with MYTILINEOSbest seals in the best possible way a tremendous effort of 11 years during which we have achieved, with far fewer resources than our competition, very high growth rates, excellent financial results, continuous technological innovation and, ultimately, the creation of one of the largest portfolios of retail electricity and gas customers in the Greek market, which we serve with consistency, honesty and continuous effort to respond to their needs. It is a great honour for our company, its human resources and me personally, to be recognized by the Management of MYTILINEOS for this success.
This Transaction creates the right conditions for the formation of the largest, by far, private operator in Greece in the retail electricity and gas sector. I sincerely expect that, through this process, the best elements of both organizations will emerge, which will allow us to move forward with even greater confidence in a changing environment which today presents both exceptional challenges and significant business opportunities”.