The company’s first acquisition in the retail electricity market was triggered by the energy crisis as a result of the strong pressure that the sector, mainly small non-vertically integrated companies, is receiving due to high prices. Watt+Volt, the largest small company in the sector, with a market share of 2.13% and a solid portfolio, has taken full control of Mytilineos, the largest supplier after PPC and one of the strongest energy groups in the country. . The acquisition for 36 million euros was announced by Mytilineos. According to the announcement, 20 million euros will be paid in cash and 16 million euros in Mytilineos shares, which will be derived from the company’s own shares and will be available at a price of 17 euros per share.

With the addition of Watt+Volt’s portfolio of 200,000 customers, Mytilineos’ market share in the supply market now reaches 10%, with 550,000 customers and almost 100 stores, while at the same time significantly strengthening its presence in electrification with 516 charging points worldwide. territory.

Together with Watt+Volt’s 200,000 customer portfolio, Mytilineos’ market share now reaches 10% with 550,000 customers.

An important step in the deal, according to the company, was management’s view of the quality and excellence of the Watt+Volt executive, which through innovative ideas and practices has made it a very important player in the market. against private suppliers with a significant production base. The said executive, led by Watt+Volt CEO Thasos Papanagiotou, will join Mytilineos’ Head of Electricity and Natural Gas Retail. “With the integration of Watt+Volt, we are strengthening and expanding our presence in the market where our company aims to create Utilization of the Future, the most integrated energy supplier of the new era,” said the head of Mytilineos. , Evangelos Mytileneos. “I am convinced that the merger and new leadership will help us offer better and more competitive services and products for the benefit of consumers, and that this development will give new impetus and allow us to move with even greater confidence in a changing environment. which creates serious business challenges, but also opportunities,” he added.

The agreement is the result of an enormous effort over 11 years, said Watt+Volt CEO Tassos Papanagiotou, noting that the deal creates the right conditions for the formation of Greece’s largest private operator in electricity and natural gas retail to date.

The agreement did not come as a surprise to the market, which for about a year did not take into account the inability of small companies to survive the crisis conditions of demand for increased liquidity, on the one hand, and collection difficulties, on the other. Acquisitions are a viable option, and other small companies in the industry seem to be looking into this path.