The European Bank for Reconstruction and Development (EBRD) has acquired 8% stakes in two Bulgarian distribution companies from majority owners E.On, which bought 67% in each of the two Bulgarian power distributors for a combined price of €140 million.

The EBRD will pay close to €17 million for stakes in the distribution companies of Varna and Gorna Oryahovitsa.

EBRD is understood to be in talks to buy stakes in other Bulgarian distributors.