Croatian oil and gas company INA and its biggest shareholder, Hungary's MOL Group, have reached an agreement to buy the Slovenian operations of Austria's OMV, INA said on Tuesday.
INA and MOL will acquire OMV's 92.25% stake in OMV Slovenija for €301 million.
The deal means INA will increase its stake in OMV Slovenija to 33% from the current 7.75%.
The transaction includes 120 service stations across Slovenia as well as the entire wholesale business of the acquired company.
OMV Slovenija d.o.o. operates three banners in the country: OMV (108), EuroTruck (4), and Avanti / DISKONT (8).
'Strategic Goals'
MOL Group chairman-CEO, Zsolt Hernádi, said, "This step is in line with our strategic goals to further expand our service station network in existing and potential new markets in Central and Eastern Europe.
"By 2025, MOL Group would like to reach 2200 service stations, potentially more, if more good opportunities rise. [...] Slovenia is not a new market to us. In the last 25 years, we had the opportunity to introduce top-quality fuels and services, and MOL Slovenija became a success story."
Recently, the group acquired 100% of Normbenz Slovakia s.r.o. from Normeston Group Cyprus Limited and also completed a deal with Marché International AG to acquire nine restaurants in Hungary that trade under the Marché brand.
OMV Slovenija is the country's second-largest petrol retailer behind local firm Petrol.
'Captive Market'
"The captive market for our Rijeka refinery is granted and...(its) long-term future is ensured," said the president of INA's Management Board, Sandor Fasimon.
"We continue to realise our strategic goals of strengthening our presence in the region," he added.
MOL holds just under 50% of INA, with the Croatian government controlling close to 45%.
With 48 MOL and 5 INA-branded service stations in Slovenia, MOL Group is currently the number 3 retail market player in the country, the company said.
Currently, MOL Group operates 1941 service stations in nine countries under several brands. It holds market-leading positions in Hungary, Croatia, Slovakia, and Bosnia and Herzegovina.
