Czech electricity firm ČEZ Group said it had acquired full ownership of Škoda JS, a leading Czech nuclear energy firm, currently at risk of anti-Russian sanctions.
Czech electricity producer ČEZ Group said it had acquired full ownership of Škoda JS, a leading Czech nuclear energy firm, currently at risk of anti-Russian sanctions.
“(The acquisition is) solving the problem of this major supplier, which became part of the Russian engineering group OMZ, controlled by Gazprombank, several years ago. Due to the current situation, Škoda JS has been at risk of sanctions, which has a potential impact on their ability to maintain key services and supplies for ČEZ’s nuclear power plants.”
Škoda JS is one of the leading European engineering and manufacturing companies with experience in the construction and servicing of nuclear power plants. During its existence, the company has supplied capital units, equipment and service for nuclear power plants, research reactors, and spent nuclear fuel storage facilities in Central and Eastern Europe, Scandinavia, France, Germany, USA, Austria, Finland, Belgium, PRC, Armenia, and other countries.
Škoda JS is an original Czech company with local employees, and unique domestic know-how. It has a long tradition of business cooperation with ČEZ, mainly in the areas of nuclear fuel and maintenance of primary circuits of nuclear power plants. Along with Škoda JS, ČEZ also acquires their shares in the science and research facility ÚJV Řež. This will increase the shares of ČEZ in ÚJV Řež from current 52.46% to a new total of 69.85%.
ČEZ is executing the complex transaction in cooperation with Wood & Company, a leading investment bank in the CEE, which will hold the shares until the transaction is approved by the antitrust authorities. This approach will ensure that Škoda JS will cease to be endangered by sanctions immediately after signing of the transactions, while in normal circumstances this would happen only after ČEZ has received the approval from the antitrust authorities to take over the company.