EG Group acquires OMV’s petrol stations in Germany for €485M
The British group finishes the year with another huge acquisition - the 285 OMV sites will be added to their existing business in Germany.
EG Group has entered into a binding agreement to acquire a network of 285 petrol stations in Southern Germany from OMV Deutschland GmbH, for €485 million.
The OMV sites are primarily in the Bavaria and Baden-Württemberg regions. The acquisition will expand EG’s presence in Germany, where EG already operates sites under the ESSO fuel brand. As part of the agreement, EG will continue to operate the OMV brand in Germany until rebranding the newly acquired sites, and EG will inherit existing fuel supply agreements.
“The acquisition is an exciting opportunity for us to expand EG Group’s footprint in Germany, a key European market where we see significant growth potential. We look forward to integrating the business into our broader portfolio and further strengthening it through our expertise in Grocery & Merchandise and Foodservice,” said Zuber Issa, co-Founder and co-CEO of EG Group.
The business delivers fuel throughput of approx. 1 billion litres per annum. EG has also agreed to assume outstanding lease liabilities, implying a total enterprise value of €614 million. The transaction is expected to close in H2 2021.
Recently, EG Group acquired Asda from Walmart in a £6.8 billion deal. The company has expanded internationally through a string of debt-led acquisitions, and now operates approximately 6,000 sites.
