- Mergers & Acquisitions
MOL completes acquisition of ENI Hungaria
MOL Group, based in Budapest, Hungary, announced the completion of its acquisition of ENI Hungaria, which manages 173 Agip-branded service stations in Hungary, as well as wholesale activities in the country. The deal excludes Eni’s branded lubricants wholesale business.
With this acquisition, MOL Group now owns a retail network of more than 2,000 service stations across 10 countries in Central Eastern Europe (CEE) and more than 500 service stations in Hungary alone.
“The completion of this acquisition further increases the markets for our refineries and ensures additional overall margin capture for our downstream business. The acquisition and integration of around 450 filling stations in CEE over the past two years helps us to achieve our strategic goal by 2017, a significant, over 25% fuel volume growth. Additionally, thanks to our regional expansion we are now serving over 1 million customers per day and we intend to increasingly exploit our sales points to serve their changing needs in non-fuel products as well,” said MOL Group’s Downstream Executive VP Ferenc Horváth.
With the acquisition of ENI Hungaria, MOL Group will rebrand the Agip stations to MOL according to the latest standards, including the introduction of the Fresh Corner concept with a special focus on coffee, fresh food and everyday grocery.
“We see a great potential in leveraging the newly acquired Agip selling points in line with our new retail concept: we envisage to become [the] customers’ obvious choice in fuel and in convenience retailing,” said Lars Höglund, senior VP of MOL Group Retail.