Bulgarian financial holding Eurohold announced it signed a contract for the sale of 100% of the capital of its subsidiaries Avto Union and Eurolease Group to Asterion Bulgaria AD.
The sale of the two companies is part of Eurohold’s strategy to focus on its energy and insurance businesses. The deal will significantly reduce the holding’s indebtedness, as leasing companies traditionally operate with high leverage.
Avto Union includes the part of Eurohold’s automobile business that has not been sold yet. In the last year Eurohold disposed of most of its assets in the sector through several deals, including importers and dealers of leading brands with a large market share such as Mazda, Nissan, Renault, Dacia etc.
After these transactions five smaller subsidiaries were left in Avto Union’s structure, offering few limited auto brands, scooters and motorcycles on the Bulgarian market, as well as oil, lubricants and fuel solutions.
Eurolease Group unites the holding’s leasing business which is organically linked with the automotive one and includes six subsidiaries providing financial leasing services, short and long-term rental solutions of new and used cars in Bulgaria and the Republic of North Macedonia.
Eurohold is the majority shareholder of Electrohold, which owns the largest distributor, supplier and trader of electricity in Bulgaria, has 3000 employees and serves 3 million clients.
Eurohold is also an owner of Euroins Insurance Group, one of the leading insurance groups in Southeastern Europe, which has 3000 employees and serves over 4 million clients in 13 countries.
Euro-Finance AD, a company specialized in investments and brokerage services, will also continue to be part of Eurohold’s structure.
Asterion Bulgaria is a holding company that operates in different areas, including car sales, service activities and delivery of spare parts.