Carlyle Group, Vitol Group To Invest In Varo Energy - Quick Facts

(RTTNews) - Alternative asset manager The Carlyle Group (CG), and the Vitol Group of Companies Thursday said they intended to establish Varo Energy B.V. as a midstream energy business in north-west Europe. Pursuant to the proposed transaction, Vitol and Carlyle International Energy Partners or CIEP will each own 50 percent of the enlarged Varo Energy Group. AtlasInvest will sell its stake in Varo Energy to CIEP while Vitol will lessen its present shareholding to allow each party to own 50 percent.

In line with CIEP's investment into Varo Energy, the latter will buy from Vitol all shares in PT Holdings GmbH and Vitol Germany GmbH. Through a separate deal, Varo Energy will also acquire all shares currently held by OMV Deutschland GmbH Bayernoil Raffineriegesellschaft mbH, as well as certain downstream assets owned by OMV Deutschland GmbH. Post completion of these transactions, the Varo Energy business will include three core areas; refining wholesale distribution and storage.

All of these deals subject to regulatory approvals and other customary closing conditions. These transactions are expected to close before or during the first half of 2014. Financial terms of the deals were not divulged.