OMV to Sell Slovenia Business to MOL Group
June 08 2021 - 4:11AM
Dow Jones News
By Giulia Petroni
OMV AG said Tuesday that it reached an agreement to sell its
business in Slovenia to integrated oil-and-gas company MOL Group
for a price of 301 million euros ($366.9 million).
"We are taking another decisive step towards implementing our
2-billion-euro disposal program," Chief Executive Officer Rainer
Seele said. "This divestment not only contributes significantly to
our deleveraging, it also means a further strategic optimization of
our portfolio," he added.
The Austrian oil-and-gas company said the deal includes 120
filling stations as well as its wholesale business in the country.
The purchase price is subject to adjustments related to customary
net working capital and net debt.
As part of the agreement, MOL Group will assume outstanding
lease liabilities that result in a total enterprise value of around
EUR346 million for the business, according to OMV.
The deal is expected to reduce OMV's debt by around EUR290
million before tax consideration.
The transaction, which is subject to regulatory approvals,
should close in 2022.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
June 08, 2021 03:58 ET (07:58 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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