MYTILINEOS SA announced on Monday it has acquired WATT+VOLT, as part of the company's overall strategic planning to develop its retail supply of power and natural gas in Greece and beyond.

WATT+VOLT comes with a portfolio of 200,000 customers. The action will provide Mytilineos with a 10% share of the market - the largest private operator in Greece in retail electricity and natural gas -, a total of 550,000 customers, and nearly 100 outlets, the company said in a statement. It will also significantly strengthen its presence in the electric mobility market with 516 charging points throughout Greece. Further enhancing Mytilineos' standing in the specific market will be its Protergia unit, which ranks first among private providers, the company said.

The transaction is valued at 36 million euros, of which 20 million will be paid in cash and 16 million in Mytilineos shares, at 17 euros per share.

Evangelos Mytilineos, CEO of the purchasing company, said, "I am particularly happy about this agreement, as WATT+VOLT is a very important player in the retail energy market and one of the healthy companies in the sector. With its integration in the Power & Gas Business Unit of Mytilineos, we further strengthen and enlarge our footprint in the market, where our company expects to create the 'Utility of the Future', the most integrated energy provider of the new era." The transaction will enhance services and products and benefit the sector overall, he added.

WATT+VOLT CEO Tassos Papanagiotou, who will join Mytilineos' retail segment in the Power & Gas Business Unit, said the agreement is the culmination of "a huge effort of 11 years," during which W+V saw "very high growth rates, excellent financial results, continuous technological innovation and, ultimately, the creation of one of the largest portfolios of retail electricity and natural gas customers in the Greek market."

The transaction is subject to the approval of the Hellenic Competition Commission and other authorities.