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Raiffeisen Investment advises ContourGlobal on the acquisition of Enel Maritza III

15 March 2011

On March 15th, ContourGlobal, a power and energy operating and development company headquartered in New York, and Enel, the third largest European utility company headquartered in Rome, jointly announced that they have signed an agreement pursuant to which ContourGlobal will acquire 73% of Enel Maritza East 3 AD and 73% of Enel Operations Bulgaria A.D. (together “Maritza 3”), for an equity consideration of € 230m , which implies a total enterprise value of ca. €535m on the expected closing date.

Maritza 3 owns and operates, under a Power-Purchase-Agreement with Bulgarian state-owned power company NEK, a 908 MW lignite facility situated in south central Bulgaria, near the city of Stara Zagora. NEK owns the remaining 27% stake in Maritza 3. In 2010, Maritza 3 recorded revenues of € 231 m and EBIT of € 69m.
The transaction is subject to mutually agreed upon and customary conditions, including the approval by the merger control authorities in Bulgaria. If successfully closed, the transaction would represent the largest M&A Deal in Bulgaria since 2008 and the largest energy M&A transaction in the history of the Bulgarian market as well as the largest CEE power & utilities M&A deal YTD.

Raiffeisen Investment, together with Lazard’s Italian office, act as advisers  to ContourGlobal.


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