October 31, 2012 [The Deal Pipeline] - A year after the formation of Rotterdam-based oil company Argos Group Holding BV, Russia's telecoms-to-utilities conglomerate Sistema JSFC is set to become its new owner, the companies announced Wednesday today
Under a non-binding agreement, the Moscow-based buyer will acquire 100% of Argos, which claims to be the largest independent group in the Western European downstream oil market with annual revenue of about $14 billion.
The companies did not disclose terms of the deal, which comes a year after Argos was formed from the merger of North Sea Group and Argos Oil. Argos is owned by Argos Energy Group, Dutch investor Reggeborgh Group, and AtlasInvest, a vehicle of former Petroplus Holdings AG CEO Marcel van Poecke.
“We are highly enthusiastic about having Sistema as our strategic investor as it will help us to accelerate our growth strategy,” said Argos CEO Peter Goedvolk, who will keep his job.
Argos spokesman Jorrit de Jong explained that Argos had originally contacted Sistema as a potential strategic supplier. “During the talks both parties got more and more interested in a closer cooperation and a potential participation of Sistema in Argos,” he said via e-mail.
Comment by TankTerminals.com: Argos Terminals B.V. is not part of the transaction with Sistema.
