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MVM becomes sole universal energy provider

State-owned energy company MVM has completed a deal to acquire 100 percent of E.ON Aramszolgaltato, German-owned E.ON's local electricity distributor for the regulated retail market, making it the only universal provider on the natural gas and the electricity market.

The sale of E.ON Aramszolgaltato does not affect customers on the competitive market that have a contract with E.ON Hungaria Group. E.ON Group will continue to provide electricity services to them in the future, MVM and E.ON said in a joint statement on Thursday.

MVM and E.ON reached an agreement on the acquisition in February. MVM Group owns a 25 percent stake in E.ON Hungaria. The companies said the current agreement supports the long-term strategies of the two groups and helps them optimise their portfolios.

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