MYTILINEOS has reached an agreement to acquire all shares of WATT+VOLT as part of its strategic planning for the development of its activities in the retail electricity and natural gas supply market in Greece and the wider region, the company announced.

With the addition of the WATT+VOLT portfolio of 200,000 customers, MYTILINEOS’ activity in the retail electricity and natural gas supply market (where, through Protergia – the electricity and natural gas sector, it already ranks 1st among private providers) is increasing. The single market share now reaches 10%, with 550,000 customers and almost 100 stores, while the presence in electromobility is greatly strengthened with 516 charging points across the territory.

The integration of WATT+VOLT and the expansion of the customer base further strengthens the verticalization of the electricity and natural gas sector of MYTILINEOS and is an important step towards creating a new era supplier (“Utility of the Future”), the Company notes.

The announcement states that MYTILINEOS management’s opinion of the quality and excellence of WATT+VOLT’s performance capabilities played an important role in the Deal agreement, making it a very important player in the market, compared to private suppliers with a significant manufacturing base, thanks to innovative ideas and practices. Said management, led by WATT+VOLT CEO Tasos Papanagiotou, will join the leadership of MYTILINEOS’ electricity and natural gas retail division.

The total value of the transaction is 36 million euros of which €20 million will be paid in cash and €17 million in MYTILINEOS shares. The said shares will be derived from MYTILINEOS own shares and will be available at a price of EUR 17 per share.

Regarding the deal, MYTILINEOS President and CEO Evangelos Mytileneos said: “I am particularly pleased with this agreement as WATT+VOLT is a very important player in the retail electricity market and one of the healthiest companies in the sector. Through integration into the electricity and natural gas sector MYTILINEOS, we will further strengthen and expand our presence in the market, where our company expects to create “Utility of the Future”, the most integrated energy supplier of the new era.

I am convinced that the merger and the new management team 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 that presents serious business challenges, but also opportunities.

On the occasion of the deal, WATT+VOLT President and CEO Thassos Papanagiotou said, “WATT+VOLT’s agreement with MYTILINEOS best consolidates the enormous effort of 11 years in which we have succeeded with much less money. compared to our competition, very high growth rates, excellent financial results, continuous technological innovation and ultimately the creation of one of the largest portfolios of electricity and natural gas retail consumers in the Greek market, which we serve in a consistent, honest and constant endeavor to satisfy it needs. It is a special honor for our company, its human resources and for me personally, the recognition of this successful course by the management of MYTILINEOS.

This transaction creates the right conditions for the creation of the largest private operator in Greece in the electricity and natural gas retail sector. I sincerely expect that this process will bring out the best elements of both organizations, allowing us to move with even greater confidence in a changing environment that today presents exceptional challenges but also important business opportunities.”

It is noted that the transaction is subject to the completion of the contractual texts of the Transaction, as well as obtaining the necessary approvals from the Competition Commission and other bodies.