The Ministry of Energy reacted promptly to the announcement of the acquisition of E.ON Romania by the Hungarian state-owned company MVM. The institution led by Sebastian Burduja stated that it has taken note of this decision.
„Although the supply component does not include critical infrastructure elements, the Romanian state will use all legal means for a strict evaluation of this possible transaction,” as stated in the Ministry of Energy’s press release, issued after E.ON and the Hungarian state-owned MVM Group reached an agreement on the sale of E.ON Romania’s household and customer solutions division.
According to the Ministry of Energy, the transaction will now go through a complex approval process, both at national and European levels, a process that involves a detailed analysis of compliance with competition rules. The acquisition will also be analyzed by the Committee for the Examination of Foreign Direct Investments (CEISD), an institution overseeing strategic investments to protect Romania's interests.
The complex structure of commercial relationships and capital sources of MVM will be analyzed, including the capital flows of the Hungarian company, especially those from outside the European Union, the ministry stated. According to unofficial estimates, the Hungarian company benefits from at least half a billion euros from transactions with Russian gas, acting as a regional broker for Russia, as reported by Biziday.
Furthermore, in the immediate future, the Minister of Energy intends to meet with the top management of MVM to understand their plans regarding the Romanian market, as well as to explore opportunities where local companies, majority state-owned, could play a significant role in partnership for the future development of the Romanian energy sector.
"We will use all legal means to evaluate and decide on this transaction. We have one objective: to protect the national interest. Beyond the competition-related analysis, we will also verify all elements concerning energy security and compliance with fundamental principles for protecting critical infrastructure and the domestic energy market. Romanian energy companies must dare more, not only in the local market but also at the regional level," stated Sebastian Burduja.
"We will continue to firmly defend our strategic interests and promote regional cooperation. Energy is about more than just electricity and natural gas. It is about the safety of our families, national independence, and our European future. These things are non-negotiable," the minister mentioned.
MVM Group and E.ON Group signed on Monday, December 16, 2024, an agreement for the sale and purchase of E.ON Romania's household and customer solutions division. According to the agreement, MVM Group will acquire a 68% stake in E.ON Energie Romania and take over a 98% stake in E.ON Asist Complet, as stated by the companies in a press release.
E.ON Energie Romania, one of the largest natural gas and electricity providers in the country, serves approximately 3.4 million customers. E.ON Asist Complet is a regional company specialized in energy services, offering solutions for the installation and maintenance of infrastructure.
The transaction is expected to be completed in 2025, after obtaining all necessary approvals from competent authorities. The two companies have decided not to disclose the value of the transaction.
MVM Group is the second-largest company in Hungary and ranks sixth in Central Europe. With an active presence in 23 countries, over 19,000 employees, and a portfolio of over 11 million customers, both residential and corporate (including nearly two million in the Czech Republic, Slovakia, and Romania), MVM Group is an important player in the region's energy ecosystem.
The state-owned MVM company represents the "energy arm" of the Viktor Orban government and has a strong collaboration with state-owned companies in Russia, despite Russia's increasing isolation by the international community in response to the invasion in Ukraine, according to Economedia.
The Hungarian government is the sole shareholder of MVM, according to the independent rating agency Fitch.