Austrian energy major OMV and Hungary’s MOL Group have announced the agreement for MOL Group to acquire OMV Slovenia.
According to OMV, the agreement encompasses 120 filling stations as well as OMV’s wholesale business in Slovenia. The transaction is subject to required regulatory approvals and closing is expected in 2022.
“With this, we are taking another decisive step towards implementing our 2-billion-euro disposal program,” OMV Chairman and CEO Rainer Seele said. “This divestment not only contributes significantly to our deleveraging, it also means a further strategic optimization of our portfolio,” he added.
The agreed purchase price amounts to €301 million (100% share), OMV said in a press release on June 8. As part of the agreement, MOL Group will assume outstanding lease liabilities resulting in a total enterprise value for the business of approximately €346 million. The purchase price is subject to customary net working capital and net debt adjustments.
This transaction will reduce OMV’s debt by approximately €290 million before consideration of taxes from OMV’s perspective (92.25% share), which will have a positive impact on OMV’s gearing, OMV said.