Hellenic Petroleum agreed today to acquire BP’s Ground
Fuels business activities in Greece. The deal excludes lubricants, aviation fuels and the
solar business.
The agreement, which is subject to the approval of the
relevant authorities, includes BP’s nationwide network of 1,200 branded service
stations and storage facilities of 170,000m3 as well as the
commercial and industrial supply business.
The total value of the transaction is €359m, including
the assumption of €40m of net debt and other liabilities.
Following completion, about 240 BP employees will
continue working for and in support of the Ground Fuels business to be transferred
to Hellenic Petroleum. The remaining personnel will continue to support BP’s
other activities in Greece.
The agreement provides for a transitional period regarding
the management of the network and branding.
According to E.N. Christodoulou, chairman of the Board
of Hellenic Petroleum, “In line with our strategy to strengthen our R&M
activities, this transaction enhances the Group’s domestic position in
marketing and allows for substantial synergies to be captured.”
John Costopoulos, Chief Executive of Hellenic
Petroleum, stated that “Today’s agreement is a big step forward in the
development of our Group and is aligned with our strategy. I am looking forward
to working with the management, the people and the partners of BP Hellas, which
has been present in Greece since 1951 and has enjoyed continued success and strong profitability.
The expansion of our retail network and the enhancement
of talent and expertise resulting from the transaction, will create added value
for the Group and lead to improved services and products, for the benefit of
Greek consumers.”