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Hungary’s MOL Group to amass OMV Slovenia

Austrian power main OMV and Hungary’s MOL Group have introduced the settlement for MOL Group to amass OMV Slovenia.

In accordance with 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’re taking one other decisive step in direction of implementing our 2-billion-euro disposal program,” OMV Chairman and CEO Rainer Seele stated. “This divestment not solely contributes considerably to our deleveraging, it additionally means an extra strategic optimization of our portfolio,” he added.

The agreed buy worth quantities to €301 million (100% share), OMV stated 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 roughly €346 million. The acquisition worth is topic to customary web working capital and web debt changes.

This transaction will cut back OMV’s debt by roughly €290 million earlier than consideration of taxes from OMV’s perspective (92.25% share), which could have a optimistic impression on OMV’s gearing, OMV stated.

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