Mytilineos SA has announced the acquisition of all outstanding shares of Volterra S.A. from AVAX S.A at 24 million euros.
The acquisition is part of Mytilineos’ overall strategic planning aimed at expanding its customer base while further verticalizing its activities in the markets of retail electricity and natural gas supply in Greece and the wider region. To a certain extent, the acquisition also contributes to the resolution and consolidation of the energy markets in our country and the wider region, while ensuring a smooth operation for the benefit of consumers.
Following the corporate transformation of 2022, Mytilineos is continuously strengthening all 5 Sub-Segments of the Energy Sector both organically and through acquisitions. The integration of Volterra (following Watt+Volt) in the Sub-Segment M Energy Customers Solutions increases Mytilineos’ market share of the Greek electricity retail market to 13% and is expected to reach 20-25% within 2024 with the addition of large High Voltage customers, new acquisitions and new Medium and Low Voltage customers. Customer base expansion is expected as the result of a growing portfolio of products and services centered around electricity and natural gas supply, as well as competitive smart and energy-adjacent products.
On the date of the transfer, AVAX will receive the amount of €6 million as payment and further €7 million as advance payment against the additional price.
Should the exchange agreement evolve smoothly and certain medium and longer term goals are achieved, the total final price can reach a maximum of 24 million.
The transaction is subject to all necessary approvals from the Hellenic Competition Commission and other authorities.