Eurohold sold Avto Union and Eurolease Group

Sofia, August 1, 2022 – Eurohold Bulgaria has signed an agreement to sell 100% of the capital of its subsidiaries Avto Union and Eurolease Group to Asterion Bulgaria AD.
Avto Union includes the part of Eurohold’s automotive business that has not yet been sold. Over the past year, Eurohold has divested most of its assets through several transactions, including those of importers and distributors of top brands that have a large market share, such as Mazda, Nissan, Renault, Dacia, etc. As a result of these transactions, five smaller subsidiaries were left in the Avto Union structure, which offers few brands of cars, scooters and motorcycles to the Bulgarian market, as well as oil, lubricants and fuel solutions.
Eurolease Group unites the leasing business, which is organically related to the automotive business and includes six subsidiaries that offer financial leasing services, short- and long-term rental solutions for new and second-hand cars in Bulgaria and the Republic of North Macedonia.
The sale of the two companies is part of Eurohold’s strategy to focus on its energy and insurance businesses. The transaction will significantly reduce the holding’s leverage, as leasing companies traditionally operate with a high leverage.
Eurohold is the majority shareholder of Electrohold, which owns the largest electricity distributor, supplier and trader in Bulgaria, has 3,000 employees and serves 3 million customers. Eurohold is also the owner of Euroins Insurance Group, one of the leading insurance groups in Southeast Europe, which employs 3,000 people and serves more than 4 million customers in 13 countries. Euro-Finance AD, the company specializing in investment and brokerage services, will also continue to be part of the Eurohold structure
Asterion Bulgaria is a group of several companies operating in various fields, including car sales, service activities and delivery of spare parts.
Eurohold Bulgaria AD
Eurohold Bulgaria AD is a major energy and financial group operating in Central, Eastern and South-Eastern Europe (CESEE). It is listed on the Bulgarian and Warsaw Stock Exchanges. Eurohold owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, serves more than 4 million customers in 13 countries and has more than 3,000 employees. In 2021, Eurohold acquired through its wholly-owned sub-holding, Eastern European Electric Company, the subsidiaries of the Czech energy company CEZ Group in Bulgaria, which now operate under the Electrohold brand, have more than 3,000 employees and serve almost 3 million customers in the country.
www.eurohold.bg; www.eig.bg; www.electrohold.bg