VS Energy confirms agreement on purchase of AES-Kyivoblenergo, AES-Rivneenergo
KYIV. Feb 1 (Interfax) - VS Energy International LLC has reached agreement with AES Corporation (the United States) on the purchase of two power supply companies in Ukraine, in particular PJSC AES-Kyivoblenergo and PJSC AES-Rivneenergo, the company's press service told Interfax-Ukraine on Friday.
The completion of the transaction is expected in mid-2013. After permits from regulatory authorities are received and the transaction is completed, the assets will pass to the management of VS Energy International Ukraine.
AES Corporation agreed to sell its 89.12% stake in PJSC AES-Kyivoblenergo, which services 881,000 customers in Kyiv region, as well as an 84.56% stake of PJSC AES-Rivneenergo, which services 412,000 customers in Rivne region.
"Electricity is the main direction of our business, and we are interested in its expansion. We have high competence in the field of power transmission and supply, which is confirmed by the performance of our companies," President of VS Energy International Ukraine Mykhailo Spektor said.
AES Corporation, in turn, in its press release confirmed information about the sale of the two power companies to VS Energy Group.
"We continue exiting from the markets, that are not part of our strategic vision. This transaction is our next step toward the simplification of our structure, which helps us focus on creating values on the markets, where we have a compelling competitive advantage," AES Corporation Executive Vice President and Chief Financial Officer Thomas O'Flynn said.