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Bulgarian Stock Exchange completes acquisition of energy trading platform IBEX

Bulgarian Stock Exchange - Sofia AD finalized the purchase of Independent Bulgarian Energy Exchange EAD, or IBEX, from Bulgarian Energy Holding EAD, having secured all necessary regulatory approvals.

The transaction price amounts to 5.2 million Bulgarian leva, with 4 million leva paid upon the transfer of shares and the remaining 1.2 million leva to be paid in three equal installments at the end of the sixth, 12th and 18th month after the capital transfer, BSE said Feb. 5. For the deferred part of the payment, BSE issued an irrevocable and unconditional revolving bank guarantee.

Bulgarian Energy Holding agreed to transfer control of IBEX as part of a settlement with the EU with regard to antitrust charges that it blocked the access of competitors to the Bulgarian wholesale power market, Reuters noted Feb. 5.

As of Feb. 5, US$1 was equivalent to 1.58 Bulgarian leva.