1 minuteHELLENIC PETROLEUM S.A. (“HELPE”) announces today its exit from the Georgian market through the transfer of 100% of the shares of its subsidiary Hellenic Petroleum Georgia (Holdings) Limited, owner of 100% share interest in the Georgian entity, EKO Georgia Ltd, to Energy Solutions Investments Inc.
The sale is in line with HELPE’s strategy to focus on geographical regions with strategic competitive advantage and on markets where the integration value with HELPE’s existing refining infrastructure can be maximized.
EKO Georgia commenced operations in 1995 and through a network of 20 petrol stations, has developed a significant presence in the Georgian retail and wholesale fuel market.
Energy Solutions Investment Inc. is a holding company which is active in the energy market of Eastern Europe.
The consideration amounted to approximately € 6.6 million and is subject to adjustment on the basis of a post-completion audit.
Eurobank EFG Equities acted as a financial advisor to HELPE for the transaction.
HELLENIC PETROLEUM (ATHEX: ELPE), with a market capitalization of approximately €2 billion, is a major player in the energy sector in Southeastern Europe, with presence in 9 countries in the region, covering the entire energy value chain.