Bulgaria: Schoenherr advises Oiltanking on divestment of liquid storage facility terminal in Bulgaria
Schoenherr advised Oiltanking GmbH ("Oiltanking") on the sale of a 91.1 % stake in a liquid storage terminal at the Black Sea in Devnya, Varna to Astra-Finance AD. The sale is subject to customary third-party approvals and completion is expected by the end of Q1 2023.
The Schoenherr team provided legal assistance with the logistics of the auction process and all legal aspects of the transaction, including transaction structuring, advice on regulatory and legal matters, assisting bidders with antitrust and merger clearance questions, and preparation and negotiation of the full set of transaction documentation.
"We are happy to be once again a trusted partner to the oil and gas industry in CEE," partner Alexandra Doytchinova said. "We understand our clients' businesses and decision-making processes, which facilitates smooth transactions."
Oiltanking GmbH is a subsidiary of Marquard & Bahls, an agile, independent holding company in the energy & chemical sector. Through its portfolio, Oiltanking is one of the largest independent tank storage providers for gas, chemicals and petroleum products worldwide.
Astra-Finance AD is a subsidiary of The Bulmarket Group, one of the 10 largest manufacturers of biodiesel, refined and unrefined oils and free acids in Europe, and one of the biggest private transportation companies in the Balkans.
Terminal Devnya with a storage capacity of 25,860 cbm is strategically located at the Black Sea in Devnya, Varna and provides storage and handling services for inorganic chemicals, biofuels and edible oils. It is tightly integrated in its customers' value chains and has water, rail and pipeline access.
The Schoenherr team advising Oiltanking was led by Alexandra Doytchinova (partner) and included Stefana Tsekova (partner), Ilko Stoyanov (partner), Stela Pavlova-Kaneva (attorney at law) and Dimitar Vlaevsky (attorney at law).
EY Bulgaria, led by Diana Nikolaeva and Denitsa Tileva, acted as exclusive sell-side advisor to Oiltanking GmbH.