Czech EPH to acquire Vattenfall's German plants, mines

PRAGUE (AP) — The Czech energy company Energeticky a prumyslovy holding, or EPH, has signed an agreement to acquire from Sweden's Vattenfall AB its German coal plants, a major source of greenhouse gases, and its mining assets.

The Swedish company was selling four power plants as well corresponding mining activities, as seeks to shift its energy strategy.

Vattenfall had made large write-downs on its operations in Germany. The Swedish government has also pressured the company to exit its coal-fired power generation in Germany.

EPH was bidding to buy the plants and mines together with PPF Investments, a private equity group.

In a statement Monday, Vattenfall says its owner, the Swedish government, still has to approve the deal, which is expected to be finalized in a couple of months.