The purchase price is based on an enterprise value of around 614 million euros.
OMV and EG Group, a leading global independent petrol station operator, have announced the agreement to sell the OMV petrol station business in Germany to EG Group.
“The agreed purchase price is 485 million euros. As part of the agreement, EG Group will assume outstanding leasing obligations. The purchase price results in an enterprise value of around EUR 614 million. The purchase price is subject to the adjustment of net working capital and net financial liabilities, ” it said in a press release .
And it goes on to say: “The contract includes 285 filling stations in southern Germany with a focus on Bavaria and Baden-Württemberg. These are only very slightly integrated into the OMV refinery in Germany, as the refinery specializes in the production of petrochemicals. OMV will continue to do so focus their remaining activities in Germany on the highly integrated petrochemicals in the Burghausen refinery. “
“ We are pleased about the high level of interest in our petrol station business in Germany and about the agreement with EG Group. We are thus taking another decisive step in our announced divestment program of 2 billion euros and with this sale we are realizing a debt relief effect for OMV of around half a billion euros at the time of the closing, ”says Rainer Seele, CEO and General Manager of OMV.
“We are very pleased to welcome the OMV filling station business to the EG Group. This attractive portfolio of petrol stations with significant retail and catering activities is an exciting opportunity to expand EG's footprint in Germany – a key market in Europe in which we see significant growth potential for our company “, say Mohsin Issa and Zuber Issa, co-founders and co -CEOs of the EG Group,
