Hungary's E-Star finalises EETEK acquisition.

By bne IntelliNews July 14, 2011
Hungary's energy efficiency firm E-Star has finalised the acquisition of Polish-based peer EETEK, thus expanding its presence on the Polish market, the company said in a filing to the Budapest stock exchange (BSE). The EUR 21mn deal will grant E-star access to energy generation capacities in Mielec and Gorlice, southeastern Poland. As a result of the acquisition, the company's revenues are expected to rise by EUR 40mn, while the EBITDA is seen to surge by EUR 5.1mn. Earlier this year, E-Star had announced a EUR 215mn expansion programme by 2015, including a combined EUR 90mn investments in Poland. To finance its international projects, E-Star attracted HUF 2.4bn (EUR 8.9mn) through private placement of shares in June. It also sold a total of HUF 2.2bn bonds to institutional and retail investors in end-May.

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