E.ON sells Innogy's Czech retail business to Hungary's MVM

) will sell its entire end-customer electricity and gas business in the Czech Republic to Hungarian energy group MVM, E.ON said in a statement on Saturday.MVM joined a shortlist of Czech groups bidding for Innogy’s nearly 1.6 million gas and electricity customers in the Czech Republic in May and emerged as the frontrunner, sources told Reuters at the end of June.

For MVM, which is state-owned, the Czech deal is part of a push to expand into central and eastern Europe, its chief executive said in an interview in early June. “This acquisition for us represents a significant milestone in our development strategy,” CEO Gyorgy Kobor said in a statement.

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