Energy company Electrica closed on Friday a memorandum with Fondul Proprietatea to acquire the stakes from Electrica’s  subsidiaries, respectively SDEE Distributie Muntenia Nord, SDEE Distributie Transilvania Sud, SDEE Distributie Transilvania and Electrica Furnizare, for RON 752 million.

„The shares will be acquired by Electrica, together with all their rights according to the legislation, including the right to receive dividends, except the dividends for the financial year closed at December 31 2016, which will be received by Fondul Proprietatea, already approved in the General Meeting of Subsidiaries’ Shareholders from May 17 2017,” says the release.

The companies intend to sign the contract documents for the transaction after obtaining the necessary approval also from shareholders of Electrica and its subsidiaries, until October 31 2017.

Fondul Proprietatea owns 21.99 percent of SDEE Distributie Muntenia Nord, SDEE Distributie Transilvania Sud and 22 percent of SDEE Distributie Transilvania and Electrica Furnizare.

In mid-May, Franklin Templeton Investment, the administrator of FP, started a competitive procedure that might lead to possible sales of Fondul Proprietatea stakes in Electrica subsidiaries and the marketing and sales process will be coordinated by Ithuba Capital AG, which acts as a sole financial consultant regarding the forecasted transaction.