January 18 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] said it has signed an agreement to buy Croatian wholesaler and retailer of petroleum products Crodux Derivati Dva from businessman Ivan Cermak.
Following the transaction, Petrol will have more than 200 sale points in Croatia, which will increase its market share in the country to 23% from 13%, Petrol said in a filing to the Ljubljana bourse on Friday.
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The value of the deal, which was not disclosed in the filing, is over 200 million euro ($241.2 million), Croatian daily Jutarnji List reported.
The transaction will be finalised after obtaining approvals from the relevant competition authorities and meeting other relevant conditions, Petrol said.
Crodux Derivati Dva imports, stores and sells petroleum products in Croatia. It has more than 1,150 employees and operates 91 service stations. The company booked 5.6 billion kuna ($894.9 million/742 million euro) in sales revenue and 142.9 million kuna in net profit in 2019.
Petrol's shares traded 0.29% lower at 338 euro by 1100 CET on Monday on the Ljubljana bourse.
(1 euro = 7.549 kuna)
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