DTEK pays for ZAEN, gets option for DNEN stake
12 January 2012
The State Property Fund said yesterday DTEK (DTEKUA) paid the full UAH 1,932 mln (USD 242 mln) to privatize a 45.1% stake in Zakhidenergo (ZAEN UK). Following a one-bid auction on November 27, the SPF hired an independent appraiser that valued the stake below DTEK’s bid. As a result, the SPF offered DTEK the stake at the bid price and the two parties signed a deal that brings DTEK’s stake in Zakhidnergo to 70.91%, with 25.00% remaining in state hands. According to DTEK, the holding is planning to invest more than UAH 10 bln to modernize the electricity generator by 2020. In other news yesterday, DTEK submitted the only bid at yesterday’s auction for a 25% stake in Dniproenergo (DNEN UK), UAH 1,174 mln. Since it was the only bidder, the State Property Fund should offer DTEK the option to buy the stake at the higher of the value determined by an independent appraiser for the stake within the next six weeks or the price it bid yesterday.
