MYTILINEOS Energy & Metals announced the acquisition of all outstanding shares of VOLTERRA S.A. from AVAX S.A. as part of its overall strategic planning aimed at expanding its customer base while further verticalizing its activities in the markets of retail electricity and natural gas supply in Greece and the wider region. The acquisition also contributes to the resolution and consolidation of the energy markets in Greece and the wider region, while ensuring a smooth operation for the benefit of consumers.
MYTILINEOS is continuously strengthening all five sub-segments of the energy sector both organically and through acquisitions. The integration of VOLTERRA (following Watt+Volt) in the sub-segment M Energy Customers Solutions increases MYTILINEOS’ market share of the Greek electricity retail market to 13% and is expected to reach 20-25% within 2024 with the addition of large high voltage customers, new acquisitions and new medium and low voltage customers. Customer base expansion is expected as the result of a growing portfolio of products and services centered around electricity and natural gas supply, as well as competitive smart and energy-adjacent products.
On the date of the transfer, AVAX will receive the amount of 6 million euros as payment and further 7 million euros as advance payment against the additional price.
Should the exchange agreement evolve smoothly and certain medium and longer term goals are achieved, the total final price can reach a maximum of 24 million euros.
The transaction is subject to all necessary approvals from the Hellenic Competition Commission and other authorities.
