Ljubljana – Slovenian energy group Petrol has completed the acquisition of an outright stake in Croatian fuel retailer Crodux after having fulfilled all suspensive conditions. This is the company’s largest acquisition in a decade and it affirms its position as the second largest provider of oil derivatives in Croatia.
The purchase consideration was EUR 191.7 million and Petrol will also assume net financial liabilities to banks in the amount of EUR 19.2 million, the company said on Wednesday.
The transaction closing will be followed by the integration of Crodux into the Petrol Group and the subsequent merger of the acquired company with Petrol Zagreb, which is expected to be finalised by the end of 2022.
Petrol will now have 204 points of sale in Croatia and its market share there will increase from 13% to 23%.
“With today’s acquisition, Croatia has become our second home,” said Petrol CEO Nada Drobne Popović, adding that this was a stepping stone on the company’s path to becoming “the leading provider of fuels and sustainable energy solutions in Croatia by 2025”.
Ivan Čermak, founder of Crodux, said the company shared the same values with Petrol. “We are both focused on providing our customers with top-quality products and services; therefore, I truly believe in the success of the newly merged company,” he was quoted as saying.
The transaction was financed with an international syndicated loan of EUR 200 million organised by Slovenia’s NLB bank in cooperation with Privredna Banka Zagreb from Croatia.