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

06-08-21 0358ET