German DKW completes takeover of RO independent fuel distribution firm
Romania’s Competition Council authorized the transaction through which the German group DKV took over the biggest local independent fuel distribution firm Smart Diesel.
"Following the analysis, the Competition Council found that this operation does not raise significant obstacles to effective competition on the Romanian market and that there are no serious doubts about its compatibility with a normal competitive environment," the competition authority confirmed, Ziarul Financiar reported.
A provider of fuel supply solutions, VAT refund and excise, the business was founded ten years ago by Romanian entrepreneurs Ovidiu Andries and Daniel Imbre.
German mobility services provider DKV reached an agreement last December to buy Smart Diesel. The two sides haven't disclosed the transaction's value.
Smart Diesel is the largest independent fuel company in Romania. It offers fuel cards, bulk fuel, a solution for paying tolls, and VAT recovery services to over 11,000 customers. The group operates 36 gas stations in Romania, and its SD card is accepted in over 1,800 gas stations abroad.
Smart Diesel achieved a turnover of RON 1.47 bln (EUR 300 mln) in 2020, slightly lower than in 2019, and a profit of over RON 500 mln (over EUR 100 mln).
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