SOFIA (Bulgaria), December 13 (SeeNews) – The Bulgarian Commission for the Protection of Competition (CPC) announced that it has approved the local auto parts dealer Auto Plus Bulgaria to enter the ownership structure of the local peer Autogrand as part of a capital increase process .
The notified transaction has no potential to significantly impede competition in the auto parts market in Bulgaria, in particular by creating or strengthening a dominant position as the parties to the transaction together hold a total market share of well below 40%, said CPC in its announcement with decision about last week’s deal.
A preliminary agreement was signed between the parties to the notified transaction in August, according to which Auto Plus Bulgaria will acquire shares in Autogrand’s capital in several stages. In the first phase, Auto Plus Bulgaria will acquire 20% of the shares in Autogrand as part of a capital increase process, before increasing its stake to 40% in the second phase of the transaction. The second phase of the deal should be completed by the end of this year.
In the third stage of the transaction, which is expected to be completed by the end of 2022, Auto Plus Bulgaria will increase its stake in Autogrand to 50% as part of a capital increase process. Upon completion of the transaction, Autogrand will operate under the Auto Plus brand, the CPC said.
Interested parties can appeal the decision of the regulator in the Sofia Region Administrative Court until December 20.
Auto Plus Bulgaria, based in the village of Lozen near Sofia, is a joint stock company mainly engaged in the sale of spare parts and engine oils. The company has warehouses in Sofia, Plovdiv, Stara Zagora, Varna and Rousse. The sales network includes 37 stores across the country, 22 of which are under the Auto Plus brand and 15 are franchise businesses, as published on the company’s website.
Autogrand was founded in 1997 and specializes in the import and distribution of spare parts, lubricants and chemical products for cars and light trucks. Autogrand also has its own network of warehouses and shops in Bulgaria. According to the data of the commercial register, the private individuals Gencho Dobrev and Krasimir Kolev each hold 50% of the capital of Autogrand.
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