The competent Chamber of the Hellenic Competition Commission (HCC), by its Decision no 802/2022 adopted on the 16th of December 2022, unanimously approved, pursuant to Art. 8(3) of Greek Law 3959/2011, the notified concentration concerning the acquisition by the company under the name “MYTILINEOS S.A.” of the entire share capital of the company under the name “WATT AND VOLT EXPLOITATION OF ALTERNATIVE FORMS OF ENERGY S.A.”, as the notified concentration, although falling within the scope of article 6(1) of the Greek Law 3959/2011, does not raise serious doubts as to its compatibility with competition rules in the individual markets concerned.
The above concentration will bring about a change in the control of WATT AND VOLT, as MYTILINEOS will acquire sole control over the target company.
MYTILINEOS S.A. is mainly active in the sectors for metallurgy, sustainable development projects, renewable energy projects and energy storage, as well as in the electricity and natural gas sectors. WATT AND VOLT operates in the electricity wholesale and retail markets and in the natural gas retail market, however, with a main presence only in the electricity retail market. Furthermore, WATT AND VOLT is a new entrant in the sector for electric vehicle charging, while it holds an aggregator license to represent RES producers. Therefore, the concentration concerns the wider electricity industry in Greece.
In this transaction, the relevant geographic market is considered to be the Greek territory in relation to all relevant markets concerned thereby.
The concentration has, in principle, a horizontal dimension (mainly affecting the retail sub-market for medium-voltage electricity supply and the service market of publicly accessible infrastructure for electric vehicle charging) as the parties to the concentration are active in these markets and the combined market share is above the threshold of 15%, albeit without raising serious concerns as to its compatibility with competition requirements in the above markets.