Eurohold Bulgaria AD (BUL:4EH) agreed to acquire 67% stake in CEZ Distribution Bulgaria AD (BUL : CEZD) and CEZ Electro Bulgaria AD (BUL : CEZE), 100% stake in CEZ Trade Bulgaria EAD, CEZ ICT Bulgaria EAD, Free Energy Project Oreshets EAD, Bara Group EOOD and CEZ Bulgaria EAD from CEZ Group for approximately €340 million on June 20, 2019. Eurohold has mandated two global investment banks to arrange for the funding of the transaction. On March 2, 2021, Eurohold Bulgaria plans to launch a capital increase of up to €101 million and will be used to finance the acquisition of CEZ Group's subsidiaries in Bulgaria and to invest in the development of the group's two main businesses. On March 8, 2021, Gem Global Yield gave a funding commitment of €26 million for an equity stake in Eurohold Bulgaria AD, which will be used to partially finance the acquisition of the CEZ Group's assets. The acquisition will be financed through a combination of equity and debt financing. As of April 13, 2021, Eurohold Bulgaria's shareholders have endorsed the management's plans for a capital increase through a new share issue. Eurohold Bulgaria is planning to offer for subscription 79 million new shares at an issue price of 2.5 levs each, in order to increase its capital to some 276.5 million levs (€141.4 million). The raised funds will be used to finance the acquisition of CEZ Group’s subsidiaries in Bulgaria and to invest in the development of the group's two main businesses – energy and insurance. As of June 9, 2021, the European Bank for Reconstruction and Development (EBRD) said it would extend up to €60 million in a five-year senior loan to Eurohold for its acquisition of Czech CEZ’s Bulgarian assets. Eurohold will use the proceeds from the EBRD loan, along with a planned capital increase and other senior loans to complete this deal. Eurohold has secured that CEZ Bulgaria’s current senior management, including the chief executive officer, will remain in the company. The transaction is subject to regulatory, anti trust approval and obtaining financing. As of October 3, 2019, Bulgaria's Commission for Protection of Competition opened proceedings regarding potential transaction. As of October 10, 2019, Bulgaria's Commission for Protection of Competition has rejected the transaction. As on October 24, 2019, The Commission for Protection of Competition, Bulgaria's competition authority rejected the transaction. As of November 12, 2019, Eurohold filed an appeal in the Sofia Administrative Court with relation to the decision of the Commission for Protection of Competition. Czech energy group CEZ and Eurohold filed a lawsuit against the Bulgarian regulator which blocked a sale. As of July 24, 2020, Sofia Administrative Court cancelled a decision by the competition regulator to ban the sale of local assets of CEZ to Eurohold Bulgaria. The court returned the case to the anti-trust body and requested it to conduct a new probe into the proposed deal in line with the court-prescribed guidelines. As on October 29, 2020, the transaction is approved by Bulgaria's Commission for Protection of Competition. As of January 19, 2021 the transaction is approved by the Energy and Water Regulatory Commission. The transaction is expected to close by the end of 2022. As on April 8, 2021, the transaction is expected to completed in first half of the year. As on May 10, 2021, the transaction is expected to completed in June 2021. Gary Brown, Christopher Kandel, John Burge of Morrison & Foerster acted as a legal advisors to EuroHold. Iordan Tchompalov and Irina Stoeva of Stoeva, Tchompalov & Znepolski acted as a legal advisors to EuroHold. Karel Drevínek and Vladimír Kykal of Skils s.r.o acted as a legal advisors to CEZ Group. Ivan Markov of Penkov, Markov & Partners acted as a legal advisor to CEZ Group. J.P. Morgan acted as an Exclusive Financial Advisor, Sole Placement Agent, Sole Structuring Bank, Bookrunner, and Initial Mandated Lead Arranger to Eurohold. Eurohold Bulgaria AD (BUL:4EH) completed the acquisition of 67% stake in CEZ Distribution Bulgaria AD (BUL : CEZD) and CEZ Electro Bulgaria AD (BUL : CEZE), 100% stake in CEZ Trade Bulgaria EAD, CEZ ICT Bulgaria EAD, Free Energy Project Oreshets EAD, Bara Group EOOD and CEZ Bulgaria EAD from CEZ Group on July 27, 2021.