Hogan Lovells Advises PKN ORLEN Group on Acquisition of Asphalt Business in the Czech Republic
23 October 2012
Prague, 23 October 2012 - Hogan Lovells has advised PKN ORLEN Group in relation to the transaction in which ORLEN Asfalt Sp. z o. o. acquired a 100% quota in Paramo Asfalt s.r.o. from PARAMO, a.s. The transaction was closed on 22 October 2012 and the purchase price was CZK 116.1 million.
The sale of Paramo Asfalt s.r.o. to ORLEN Asfalt Sp. z o. o. is a part of the restructuring process taking place within the Unipetrol group, and the next step in the realization of the PKN ORLEN Group strategy with respect to bitumen segment consolidation.
The consolidation will expand the product portfolio and make it more complementary, which will allow the company to better satisfy market demands in the Czech Republic and Poland, as well as Slovakia and Austria. Paramo Asfalt s.r.o. will operate under the new name Orlen Asfalt Ceska Republika.
The Hogan Lovells team was led by partner Miroslav Dubovsky, supported by partner Pavel Skopovy, associate Vladimir Cizek and trainee Andrea Hamorska.
Commenting on the transaction, Miroslav Dubovsky said:
"We are delighted to have assisted PKN ORLEN Group on this acquisition, which is part of our client's strategy within the asphalt sector in the region and shall strengthen the sales effectiveness."