Merger Notification - Announcement according to § 10 Cartel Act
Europäische Bank für Wiederaufbau und Entwicklung; Raiffeisen društvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima; IND-EKO PLUS d.o.o.; IE-ENERGY PROJEKT d.d; NGEN smart energy systems d.o.o.; NGEN d.o.o.
BWB/Z-6986
On 27.06.2025 the Austrian Federal Competition Authority was notified of the following merger:
Planned purchase process
The European Bank for Reconstruction and Development, London, United Kingdom, and Raiffeisen društvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima d.d. (Raiffeisen Mandatory and Voluntary Pension Funds Management Company Plc), Zagreb, Croatia (on behalf of certain pension funds managed by it), contemplate to acquire in total 49 % of the shares (each of them acquiring 24.5 % of the shares) in and
joint control over IE-Energy Projekt d.d., Kostrena, Croatia, a newly established holding company holding 100 % of the shares in IE-ENERGY d.o.o., Kostrena, Croatia. The joint control will be exercised together with IND-EKO PLUS d.o.o., Rijeka, Croatia, holding 51 % of the shares in IE-Energy Projekt d.d. In parallel, IE-Energy Projekt d.d. will acquire 50 % of the shares in and joint control
over NGEN smart energy systems d.o.o. Through this transaction, NGEN smart energy systems d.o.o. will be jointly controlled by (i) the European Bank for Reconstruction and Development, Raiffeisen društvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima d.d., IND-EKO PLUS d.o.o. (indirectly via their respective participations in IE-Energy Projekt d.d.) and (ii) NGEN d.o.o., holding the remaining
50 % of the shares in NGEN smart energy systems d.o.o. and having been appointed to manage the assets operated by NGEN smart energy systems d.o.o. via a subsidiary.
IE-ENERGY d.o.o. contemplates the construction of a battery storage system in Šibenik, Croatia which shall be operated by NGEN smart energy systems d.o.o. The management/operation of the battery storage system shall be carried out by NGEN Smart Trading d.o.o. as subcontractor of NGEN smart energy systems d.o.o.
Activities concerned: Trade of electricity; Storage of electricity.
D - ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY D 35 - Electricity, gas, steam and air conditioning supply, D 35.1 - Electric power generation, transmission and distribution, D 35.15 - Trade of electricity, D 35.16 - Storage of electricity
Deadline for bringing in an application pursuant to § 11(1) Cartel Act will end on 25.07.2025.
Entrepreneurs whose legal or economic interests are affected by the merger can bring in a written statement at the Federal Competition Authority or the Federal Cartel Prosecutor within 14 days from publication date.
Note: The intervening party has no right to a certain treatment of the statement and will not gain a party position.
Non-prohibition of the merger
The Federal Competition Authority and the Federal Cartel Prosecutor have not applied for examination of the merger by the Cartel Court. The standstill obligation (§ 17 (1) Cartel Act) ends with effect from 26.07.2025 .