Romania/Central Europe: Schoenherr advises OMV Petrom in sale of Petrom LPG SA to Crimbo Gas International
Schoenherr advised OMV Petrom SA in the sale of a 99.99% share in Petrom LPG SA to Romania’s Crimbo Gas International SRL. OMV Petrom SA is the largest oil and gas producer in Southeastern Europe and a member of OMV Group, which holds a 51.01% share in the Bucharest Stock Exchange-listed firm. The involved parties have agreed to keep confidential the value of the transaction, whose completion is also subject to clearance from the Romanian Competition Council.
Schoenherr supported OMV Petrom SA throughout the entire process, providing legal assistance in relation to data room organization, negotiation and signing of the share purchase agreement and will continue to assist in relation to the closing formalities.
“We are glad that we have been able to assist OMV Group with this divestment in a very particular sector of the oil&gas industry,” said Corporate M&A partner Markus Piuk, who led the Schoenherr team advising the transaction.
The activities of Petrom LPG, which has approximately 260 employees, include bottling and distributing gas cylinders, selling and distributing propane and auto gas, as well as wholesale activities. Following the transaction, OMV Petrom SA will continue to supply raw material to Petrom LPG SA and the latter will supply cylinders and auto gas to OMV Petrom Marketing SRL, the wholly-owned OMV Petrom SA subsidiary that operates 550 filling stations in Romania.
The Schoenherr team advising OMV Petrom consisted of Markus Piuk (Partner; Corporate/M&A), Adriana Năstase (Attorney at Law, Bucharest; Corporate/M&A), and Cristina Pană (Attorney at Law, Bucharest; Competition).
Crimbo Gas International was represented by the local Bucharest firm Poppa & Associates.