Germany: OMV closes sale of gas station business to EG Group
Both firms have concluded the transaction in which OMV sold 285 forecourts to the British group located in the southern region of the country.
OMV and EG Group have completed the sale of the former’s service station business in Germany to the latter with effect from May 1, 2022. The agreement covers the sale of 285 forecourts in southern Germany, with a focus on Bavaria and Baden-Württemberg.
OMV’s filling station business in the region was only partially integrated into the company’s Burghausen Refinery in the country as the refinery specialises in petrochemical products. The firm will continue to focus its remaining activities in Germany on highly integrated petrochemicals and developing this value chain in Burghausen.
The agreed purchase price amounts to €485 million. As part of the agreement, EG Group will assume any outstanding lease obligations. The purchase price reflects an enterprise value of approximately €614 million and is subject to the adjustment of customary net working capital and net debt adjustments.
The divestment of OMV´s filling station business in Germany will deliver debt relief of approximately half a billion euros for the company. This marks the successful realisation of an important step in the firm’s divestment program.
