Austrian power main OMV and Hungary’s MOL Group have introduced the settlement for MOL Group to amass OMV Slovenia.
According to OMV, the settlement encompasses 120 filling stations in addition to OMV’s wholesale enterprise in Slovenia. The transaction is topic to required regulatory approvals and shutting is anticipated in 2022.
“With this, we are taking another decisive step towards implementing our 2-billion-euro disposal program,” OMV Chairman and CEO Rainer Seele mentioned. “This divestment not only contributes significantly to our deleveraging, it also means a further strategic optimization of our portfolio,” he added.
The agreed buy value quantities to €301 million (100% share), OMV mentioned in a press launch on June 8. As a part of the settlement, MOL Group will assume excellent lease liabilities leading to a complete enterprise worth for the enterprise of approximately €346 million. The buy value is topic to customary web working capital and web debt changes.
This transaction will cut back OMV’s debt by approximately €290 million earlier than consideration of taxes from OMV’s perspective (92.25% share), which may have a constructive influence on OMV’s gearing, OMV mentioned.