Italian consortium buys Esso fuel distribution network
The Italian consortium, which is acquiring about 6% of the national fuel distribution network through the deal, includes PAD Multienergy, Vega Carburanti, Toil, Dilella Invest, and GIAP.
The transaction, which gives EG Italia an enterprise value of 425 million euros ($494 million), marks EG Group's exit from Italy, the British company said in a statement.
EG Group said the deal was in line with its strategy to focus on its core markets, and proceeds would be used to further reduce its debt.
"The acquisition of EG Italia brings control of a strategic asset - namely the network of 1,200 fuel distribution and roadside service sites (convenience stores, food services) - back into the hands of national private operators," said a separate statement on the website of PAD Multienergy.
The deal will be submitted to Italy's competition authority for approval. Italy's Mediobanca (MDBI.MI), opens new tab was among the consortium's advisers on the deal. BofA Securities provided financial advice to EG Group and A&O Shearman legal advice
($1 = 0.8611 euros)
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