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Azerbaijan's state-owned energy company SOCAR has signed an agreement to acquire Italiana Petroli, securing control of one of Italy's largest petrol station networks. The deal was formalised during an international investment forum in Baku, though financial details were not disclosed. Industry insiders previously indicated that the Brachetti Peretti family, the seller, was seeking an enterprise value of around EUR 2.5 billion (USD 2.95 billion). The transaction, still subject to regulatory approval, is expected to be completed by the first quarter of next year.
SOCAR recently confirmed that it had entered into a deal to acquire Italiana Petroli (IP), one of Italy's most prominent fuel retail networks. The agreement was finalised at an international investment forum in Baku, confirming earlier reports about the negotiations, although no official valuation was revealed. Advertisement
Sources familiar with the transaction had earlier stated that the Brachetti Peretti family, which owned IP, was targeting an enterprise value of approximately EUR 2.5 billion (USD 2.95 billion). By completing this acquisition, Azerbaijan aims to expand its presence across Europe, a region where it already plays a crucial role as a natural gas supplier.
SOCAR President Rovshan Najaf remarked that the acquisition marked a milestone in strengthening the company's footprint within the European energy market and also demonstrated Azerbaijan's commitment to enhancing economic and energy ties with Italy.
The transaction will mark a new chapter for IP, which was established more than 90 years ago by Ferdinando Peretti. IP Chairman Ugo Brachetti Peretti observed that the company continued to represent a benchmark in the fuels sector and would remain an essential player in Italy's mobility and energy security landscape.
With a portfolio of more than 4,500 petrol stations and two refineries that collectively process about 10 million tonnes annually, IP also markets bitumen, jet fuel, and lubricants. Its logistics operations extend across the Italian market. According to IP's director for corporate development and M&A, Leonardo Caputo, the company will now enter a transitional phase lasting several months while regulatory approvals are secured.
The transaction is expected to close by the end of the first quarter of next year. Advisory support for SOCAR came from Intesa Sanpaolo IMI CIB, while UniCredit represented the seller.
With regulatory approval pending, the closing of the transaction in the coming months could reshape SOCAR's role in the European energy market and reaffirm IP's long-standing industry position under new ownership.
Source - Reuters
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