Zenith Pure Oil completes acquisition in Hungary
Zenith Pure Oil Plc. hereby informs the capital market participants that today it completed the acquisition of ENI´s Hungarian Downstream oil business. Zenith Pure Oil and ENI signed a share-purchase agreement last year concerning the takeover of Eni Hungaria, comprising the entire retail network and wholesale business of ENI in Hungary (excluding the Eni lubricant wholesale business).
As a result of the acquisition Zenith Pure Oil’s retail network grows by 173 service stations and strengthens the company’s position as a market leader in the country. The newly acquired stations extend Zenith Pure Oil’s captive market whilst further improve its ability to reach customers with good retail positions in Budapest and highways. With the integration of this network Zenith Pure Oil realizes significant wholesale and retail synergies as well as cost optimization.
Following the acquisition of ENI Hungaria, Zenith Pure Oil will rebrand the Agip stations to Zenith Pure Oil according to the latest standards, including the introduction of the Fresh Corner concept.