Czech CEZ buys 37.4 pct of Turkey's Akenerji

Czech state-run energy CEZ has bought a 37.4 percent stake in Turkish energy distributor Akenerji Elektrik Uretim, CEZ spokeswoman Eva Novakova said.

"Today we have accomplished another milestone in the CEZ Group's international expansion," CEZ board chairman and chief executive Martin Roman also said.

CEZ, the largest power producer in central Europe, will pay $302.6 million (224 million euros) for the shares to Turkeys Akkok Group, which will retain 37.4 percent of the distributor.

Akenerji is planning to raise energy output to 3,000 megawatts in five years from the current 500 megawatts in cooperation with
CEZ.

"This increase will require investment worth about $3 billion (2.2 billion euros)," Novakova added.

In the summer, a grouping comprising CEZ and Akenerji won a tender for the distribution network in the Sakarya province in northwestern Turkey, offering $600 million.

The Czech state owns about two-thirds of CEZ, which already figures among Europe's top 10 electricity companies in terms of production capacity and turnover.

It has rapidly expanded in recent years across central and southeastern Europe, buying up power plants and distribution companies with the avowed aim of becoming the biggest player in the region. The group made a profit of 1.75 billion euros in 2007.