Hungarian state-owned power utility company acquires majority stake in leading Serbian energy construction companies

Hungarian state-owned power utility company MVM Zrt., which signed a share purchase agreement with Serbia’s Maneks Group in July to increase its stake in Energotehnika Juzna Backa and Elektromontaza Kraljevo from 33.4% to 60%, has successfully completed the transaction, the Group announced.

– Following the receipt of the required competition authority approvals, the transaction was successfully closed on September 30, 2025, marking another significant milestone in expanding MVM Group’s presence and portfolio in Serbia – says the press release by MVM Group.

The company notes that strengthening its position in the Serbian energy market is one of MVM Group’s key strategic objectives in the region. It adds that, in addition to a favorable market environment and ongoing privatization processes, Serbia’s geographical location holds strategic importance, offering a natural entry point for MVM’s further expansion into other Balkan countries.

The press release says that Energotehnika Juzna Backa and Elektromontaza Kraljevo are among Serbia’s leading energy construction companies, boasting decades of experience and an impressive track record. It also reminds that MVM Group acquired a minority stake in the companies in 2022.

Following the 2022 transaction, both companies saw a substantial increase in revenues and profitability, the press release concludes.

B. P.

MVM Zrt.

Elektromontaža d.o.o. Kraljevo

MVM Južna Bačka doo Novi Sad

MVM Zrt

MVM Group

Hungarian state owned power utility company

Energotehnika Južna Bačka

Elektromontaža Kraljevo

ownership

acquisition

share increase