Brussels, 7 May 2024
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Bahía de Bizkaia Electricidad S.L. (‘BBE’) by Ente Vasco de la Energía (‘EVE’), both of Spain, and Gunvor Group Ltd (‘Gunvor’) of Cyprus.
The transaction relates primarily to the production and wholesale of electricity.
The Commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited combined market position resulting from the proposed transaction. The notified transaction was examined under the normal merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11478.
Source – EU Commission