OMV to Sell German Filling Stations Business to EG Group for EUR485 Million

By Sarah Sloat

OMV AG is selling its filling station business in Germany to EG Group for 485 million euros ($587.4 million) as part of its divestment program, the Austrian oil-and-gas company said Monday.

As part of the deal, EG Group assumes outstanding lease liabilities, giving the business a total enterprise value of about EUR614 million, OMV said.

"This marks a further step in our previously announced EUR2 billion divestment program and this transaction will reduce OMV's debt by approximately half a billion euros at the time of closing," OMV Chief Executive Rainer Seele said.

The agreement includes 285 filling stations in southern Germany with focus on Bavaria and Baden-Wuerttemberg, OMV said. The stations have a limited degree of integration with OMV's refinery in Germany, which is specialized in petrochemicals production.

OMV said it remained committed to its remaining operations in Germany, centered on petrochemicals operations in Burghausen.

The transaction is expected to be effective in 2021.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

December 14, 2020 03:39 ET (08:39 GMT)

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