VARO Energy will expand its refining capability in Switzerland and Germany and acquire complementary pipeline, storage and wholesale distribution businesses.
Global alternative asset manager The Carlyle Group and the Vitol Group of Companies today announced a transaction intended to establish VARO Energy B.V. as a major midstream energy business in northwest Europe. Under the terms of the proposed transaction, Vitol and Carlyle International Energy Partners (CIEP) will each own 50% of an enlarged VARO Energy Group. AtlasInvest will sell its shareholding in VARO Energy to CIEP while Vitol will reduce its current stake to enable each party to own 50%.
Furthermore, VARO Energy will also acquire, by means of a separate transaction, all shares currently held by OMV Deutschland GmbH (Vienna SE – OMV:AV) in Bayernoil Raffineriegesellschaft mbH, as well as certain downstream assets owned by OMV Deutschland GmbH.