CEZ to buy 3 Bulgarian power distribution companies

The Bulgarian government has approved a draft privatisation contract for the sale of three power distribution companies to the Czech power utility CEZ. The Czech power producer is supposed to pay over 280 million euros for a 67-percent stake in the distribution companies in the capital Sofia, the city of Pleven and in the Sofia region. The head of CEZ, Martin Roman, said the purchase was a milestone in the development of CEZ and the Czech energy industry. He said it was the first step to becoming a leader on the Central and Eastern European electricity market.