European Commission approves EPH's takeover of Slovak energy utility
EPH had signed a deal to acquire Italian group Enel's (ENEI.MI), opens new tab 50% stake in their joint holding company, which owns 66% of Slovenske Elektrarne. The Slovak state owns the other 34% share in Slovenske Elektrarne.
"The transaction relates primarily to the production and sales of electricity, distribution of gas as well as balancing and ancillary services," the Commission said in a statement published on Wednesday.
"The Commission concluded that the notified transaction would not raise competition concerns, given the limited impact on the market structure."
Slovenske Elektrarne, which operates nuclear, hydro and solar power plants, put one new nuclear power unit into operation in 2023 and is completing a second. It generated 21.66 TWh of electricity in 2023.
Kretinsky has built EPH into one of Europe's biggest energy groups, first by investing in coal power plants before taking on greener energy assets.
He has also branched out into other investments in retail, media and logistics, including clearance to buy Britain's Royal Mail in a 3.57 billion pound ($4.5 billion) deal.
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