Hungarian state power company MVM Group becomes majority owner of Energotehnika Juzna Backa and Elektromontaza Kraljevo
The Hungarian state power company MVM Zrt. has signed a share purchase agreement with the Serbian Maneks Group to increase its stake in Energotehnika Juzna Backa and Elektromontaza Kraljevo from 33.4% to 60%, the Hungarian company announced. They add that the transaction marks another significant milestone in the expansion of MVM Group’s presence and portfolio in Serbia.
– Strengthening its position in the Serbian energy market is one of MVM Group’s key strategic objectives in the region. In addition to a favorable market environment and ongoing privatization processes, Serbia’s geographical location holds strategic importance, offering a natural entry point for MVM’s further expansion into other Balkan countries – they announce.
Energotehnika Juzna Backa and Elektromontaza Kraljevo are among Serbia’s leading energy construction companies, boasting decades of experience and an impressive track record.
MVM Group acquired a minority stake in the companies in 2022. Following the 2022 transaction, it is added, both companies saw a substantial increase in revenues and profitability.
– Leveraging the call option granted in the earlier agreement, MVM Zrt. decided to further increase its ownership stake. Upon receiving the necessary approvals from the competition authorities, MVM Group will become the majority shareholder and continue its cooperation with its Serbian partner with the shared goal of positioning the companies as leading energy contractors in the region – the Hungarian company says.
The transaction is expected to close in the third quarter of 2025.