November 3 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] has completed the integration of Croatian petroleum products retailer and wholesaler Crodux Derivati Dva two months ahead of schedule, Petrol said.
The legal merger of Crodux Derivati Dva was entered in the Court Register in Croatia as of November 2, 2022, and its entire business, together with all assets and liabilities, was transferred to the Croatian unit of Petrol, the Slovenian energy group said in a filing with the Ljubljana Stock Exchange on Wednesday.
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"This is one of the largest acquisitions by Petrol in the last ten years. United today, we are stronger, bigger and more efficient in pursuit of our goal of providing the best customer experience. By combining the procurement of petroleum products and merchandise and with two strong brands, we have become a stronger player in Croatia," Petrol CEO Nada Drobne Popovic said.
Petrol completed the acquisition of Crodux Derivati Dva for 191.7 million euro ($187.4 million) in October 2021, assuming the Croatian company's 19.2 million euro net debt to banks. With the acquisition of Crodux Derivati Dva, Petrol acquired 93 service stations, expanding its market share in Croatia has grown from to 23% from 13%.
($ = 1.0227 euro)
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