OMV : and MOL Group reach agreement for MOL Group to acquire OMV Slovenia

OMV and MOL Group reach agreement for MOL Group to acquire OMV Slovenia

OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna, Austria, and MOL Group, a leading international, integrated oil and gas company headquartered in Budapest, Hungary, announced the agreement for MOL Group to acquire OMV Slovenia. The agreement encompasses 120 filling stations as well as OMV's wholesale business in Slovenia. The transaction is subject to required regulatory approvals and closing is expected in 2022.

The agreed purchase price amounts to EUR 301 mn (100% share). As part of the agreement, MOL Group will assume outstanding lease liabilities resulting in a total enterprise value for the business of approximately EUR 346 mn. The purchase price is subject to customary net working capital and net debt adjustments.

This transaction will reduce OMV's debt by approx. EUR 290 mn before consideration of taxes from OMV's perspective (92.25% share), which will have a positive impact on OMV's gearing.

'With this, we are taking another decisive step towards implementing our 2-billion-euro disposal program. This divestment not only contributes significantly to our deleveraging, it also means a further strategic optimization of our portfolio,' says Rainer Seele, Chairman of the Executive Board and CEO of OMV.

Background information

OMV Aktiengesellschaft
OMV produces and markets oil and gas, as well as chemical products and solutions in a responsible way and develops innovative solutions for a circular economy. With Group sales revenues of EUR 17 bn and a workforce of around 25,000 employees in 2020 (incl. Borealis), OMV is one of Austria's largest listed industrial companies. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. Daily average production was 463,000 boe/d in 2020. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading, with a total annual processing capacity of 24.9 mn tons. Furthermore, OMV operates about 2,100 filling stations in ten European countries and runs gas storage facilities in Austria and Germany. In 2020, total natural gas sales volumes amounted to around 164 TWh. In the chemicals sector, OMV, through its subsidiary Borealis, is one of the world's leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and the mechanical recycling of plastics. Borealis operates in over 120 countries. In 2020, Borealis generated EUR 6.8 billion in sales revenue. The company supplies services and products to customers around the globe through Borealis and two important joint ventures: Borouge (with the Abu Dhabi National Oil Company, or ADNOC, based in UAE); and Baystar™ (with Total, based in the US). Sustainability is an integral part of OMV's corporate strategy. OMV supports the transition to a lower-carbon economy and has set measurable targets for reducing carbon intensity.