The Bulgarian Stock Exchange secured European Commission approval to acquire the Independent Bulgarian Energy Exchange, the Sofia bourse said Jan. 31.
The approval will prompt the purchase agreement for transferring the shares of IBEX from Bulgarian Energy Holding to BSE to enter into force.
BSE agreed in August 2017 to acquire IBEX from state-owned Bulgarian Energy Holding for 5.2 million Bulgarian levs, SEENews noted Jan. 31. Under the agreement, BSE will make an initial down payment of 4 million levs, with the remaining 1.2 million levs to be paid in three equal semiannual installments, according to the report.
Founded in January 2014, IBEX offers access to different trading platforms to electricity market participants. Bulgarian Energy Holding agreed with the European Commission in December 2015 to offer electricity on an independent market and to transfer IBEX to the Bulgarian finance ministry within six months.
The EC later said the Bulgarian exchange would be better suited than the finance ministry to buy IBEX.
As of Jan. 31, US$1 was equivalent to 1.57 Bulgarian levs.
