MOL acquires Lotos petrol stations in Poland for USD 610 mln

Deals

Hungarian oil and gas company MOL on Wednesday said it signed agreements with PKN Orlen and Grupa Lotos on the acquisition of 417 petrol stations in Poland for a price of USD 610 million, according to a report by state news wire MTI.

MOL also agreed to sell 185 of its own petrol stations to PKN Orlen for a total consideration of USD 259 mln. The divested service stations include 144 in Hungary and 41 in Slovakia.

Both of the transactions are expected to be closed within 12 months, MOL said.

MOL said the acquisition of the Polish petrol stations is "an excellent fit" for the growth strategy of its consumer services business. The purchase "would provide a basis for future growth" in Poland, in which MOL has had a limited presence, it added.

The acquisition is expected to have a mid-term positive annual EBITDA generation potential of around USD 70 mln for MOL's consumer services business, the company said.

The deal will be financed "from available liquidity" and will have "no adverse effect to MOL's previously communicated dividend payment capacity", it added.

MOL had been tipped to acquire the petrol stations which Lotos had to part with as a condition for approval by the European Commission of its acquisition by PKN Orlen.

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