SKOPJE, Macedonia — Austria's EVN group has agreed to buy thedistribution arm of Macedonia's Electric Power Company for euro225million (US$271 million), the government announced late Thursday.
"The government decided Austrian company EVN will be the new owner"of ESM Distribution, Macedonia Prime Minister Vlado Buckovski said.
Macedonian officials said the agreement would be finalized Friday.
"This company made the best offer," Buckovski said, after a cabinet meeting to discuss the sale.
The deal gives EVN a 90 percent stake.
Italy's Enel SpA and the Czech Republic's CEZ also submitted offers, authorities said.
