2 minutesHELLENIC PETROLEUM S.A. 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.”
“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.”
“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.”
Notes to Editors:
Founded in 1998, HELLENIC PETROLEUM is one of leading energy Groups in South East Europe, with activities spanning over 10 countries across the region and the energy value chain. In 2008, Group Adjusted Net Earnings amounted to €216m, on total revenues of €10bn. Its shares are listed on the Athens Exchange (ATHEX: ELPE), and it has a market capitalisation of about €2.2bn.
Further information:
E. Stranis, PR and Corporate Affairs Director
Tel.: +30-210-5539241
Email: [email protected]
G. Grigoriou, IRO
Tel.: +30-210-5539109
Email: [email protected]
Tel.: +30-210-5539241
Email: [email protected]
G. Grigoriou, IRO
Tel.: +30-210-5539109
Email: [email protected]