On February 3, the European Commission announced its approval for the creation of a joint venture between Koncar Elektroindustrija and Siemens Energy Holding B.V.. The new company will focus on the production and sale of power transformer tanks.

The Commission determined that the transaction would not raise competition concerns, noting that both companies have limited market positions, which reduces any potential competitive impact. The deal was reviewed under the simplified merger procedure, ensuring a swift examination.

As part of the agreement, Koncar will hold a 60% stake in the joint venture. The production site for the JV will be located at Koncar's existing facility in Sesvetski Kraljevec, near Zagreb. The financial details of the deal were not disclosed.

The creation of this joint venture aligns with both companies' long-term strategies for expanding their footprint in the energy sector.

Source: seenews.com