Vitol and Carlyle International Energy Partners (CIEP) will each own a 50 per cent stake in the business. AtlasInvest will sell its stake in Varo to Carlyle, while Vitol will reduce its current stake to enable each party to own half of the company.
Varo will also buy OMV Deutschland’s strake in Bayernoil Raffineriegesellschaft and certain downstream assets owned by OMV.
Varo will operate in three areas, refining, wholesale distribution and storage. Its assets will include include the Cressier refinery in Switzerland, all the Petrotank storage facilities throughout Germany, storage facilities in Switzerland and 45 per cent of in the Bayernoil refinery.
This is the second investment by the CIEP fund, which is focused on oil and gas exploration and production, midstream, refining & marketing and oil field services.
Managing director and head of CIEP Marcel van Poecke said, “Carlyle is committed to the creation of this major new midstream energy business in North-West Europe.
“It offers an exciting opportunity to combine our international oil and gas experience with the resources we have available in Carlyle’s global energy platform.”
Earlier this month it was reported that Carlyle and KKR were bidding for eyewear retailer National Vision, which could be valued at nearly $1bn in a deal.
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