PRAGUE (Dow Jones)--Czech power company CEZ AS (BAACEZ.PR) Wednesday said that its joint venture with Turkey's Akkok Group has acquired 100% of Sakarya Elektrik Dagitim AS, or Sedas.
The joint venture, called AkCez Enerji Yatirimlari Sanayive Ticaret A.S., was set up to take 100% of the shares in Sedas, a Turkish electricity distributor, following the Turkish government's partial privatization of its power sector.
CEZ and Akkok Group together will pay $300 million cash towards the total acquisition price of $600 million, and the company has the option to pay the remainder over two years.
CEZ said it will issue a press release later Wednesday concerning the matter.