J&T Reaches Deal to Purchase International Power Czech Unit

Czech investment firm J&T Group has signed an agreement to purchase the Czech business unit of International Power. The deal includes International Power subsidiary International Power Opatovice (IPO) as well as IPO’s shares of Pražská Teplárenská and Energotrans. For the 2008 year IPO generated a pre-tax profit of CZK 2.9 million, including dividends it earned from Pražská Teplárenská. The total value of the sale, which must first gain regulatory approval, has been placed at CZK 22.5 billion.

If all goes as planned the deal should be completed by the end of the year, but Czech Coal plans to contest it on grounds that J&T’s acquisition would be harmful to competition.

International Power Czech Division
The Czech unit of International Power consists primarily of the International Power Opatovice plant located in Prague. The coal fired plant was built in 1960 and has a gross capacity of 601MW. Subsidiary Pražská Teplárenská adds to the company’s revenue through its core businesses of steam generated heat and electricity service.

J&T Finance Groups (www.jtfg.com)
J&T Finance Groups is an investment group operating in the Czech Republic and Slovakia. They are one of the main players in the investment industry throughout Central and Eastern Europe.

J&T Finance Groups mainly invests in companies active in the energy, engineering and meat industry market. On a case-by-case basis, J&T Finance also considers investments in other markets.