The OMV head office in the Hoch Zwei skyscraper in Vienna. Credit: Daniel Zanetti.

British convenience retailer EG Group has signed an agreement to acquire OMV filling station business in Germany for €485m, subject to certain adjustments.

The acquisition includes 285 petrol stations in southern Germany, in the states of Bavaria and Baden-Württemberg.

EG Group co-founders and co-CEOs Mohsin Issa and Zuber Issa said: “We are very pleased to be welcoming the OMV Deutschland filling station business into EG Group.

“This attractive portfolio of forecourts with significant retail and foodservice operations is an exciting opportunity to expand EG’s footprint in Germany, a key European market where we see significant growth potential for our group.”

As agreed, EG Group will also assume outstanding lease liabilities, which increases the total enterprise value for the business to nearly €614m.

OMV will continue to retain other operations in Germany centred on its petrochemicals operations in the Burghausen refinery.

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The sale of the filling station business was part of the company’s larger €2bn divestment programme to reduce its debt and fund a deal that will make OMV the majority owner of plastics maker Borealis.

OMV CEO and Executive Board chairman Rainer Seele said: “We are delighted about the level of interest in our filling station business in Germany and to have reached an agreement with EG Group.

“This marks a further step in our previously announced €2bn divestment programme and this transaction will reduce OMV’s debt by approximately half a billion euros at the time of closing.”

The transaction is expected to close next year, subject to necessary regulatory approvals.

OMV is an Austrian company, focusing on producing and marketing oil and gas and petrochemical solutions. The group reported sales of €23bn in 2019.