OMV sells German filling stations for 485 million euros to the EG Group. A total of 285 filling stations change hands.
On Monday morning, OMV announced that it was selling its filling stations in Germany: the British EG Group was taking over the OMV filling station business in Germany for a purchase price of 485 million euros. This means that 285 filling stations in southern Germany (with a focus on Bavaria and Baden-Württemberg) change hands. The deal is expected to be completed in 2021, subject to the required regulatory approvals.
The EG Group will also assume outstanding leasing obligations as part of the acquisition. According to OMV, the purchase price results in an enterprise value of around 614 million euros. The purchase price applies subject to the adjustment of net current assets and net financial liabilities. OMV intends to concentrate its remaining activities in Germany on petrochemicals in the Burghausen refinery.
“We are taking another decisive step in our announced divestment program of two 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,” commented OMV boss Rainer Seele on the sale.
In a press release, EG co-founders and CEOs Mohsin Issa and Zuber Issa said: “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 are significant See growth potential for our company. “
