A sales agreement has been signed where VARO Energy AG (“VARO”) acquires 100 percent of the shares in Corral Petroleum Holdings AB, which owns 100 percent of Preem Holdings and Preem AB (“Preem”).
The transaction scope of the sales agreement includes, among other things, Preem’s refineries in Lysekil and Gothenburg, as well as its extensive storage infrastructure and fuel station network. With Sweden as the combined companies’ largest manufacturing base, the combination with VARO would create a leading supplier to the mobility sector, supporting customers in road, marine and aviation through the energy transition.
Magnus Heimburg, CEO of Preem AB, comments:
"VARO’s long-term strategic direction aligns closely with ours. Together, we would enhance business know-how, ensure long-term stability, and reinforce strategic development, which, when combined, would support our future growth and success. Furthermore, the combined businesses would benefit our customers, achieve greater resilience, and contribute to Swedish and European energy security."
VARO is a diversified European energy company that sources, manufactures, blends and distributes both conventional and sustainable energies and services. Founded in 2012, VARO has 2,330+ employees and is headquartered in Switzerland with a presence in 26 countries.
The transaction will be reviewed under several Swedish and international legislations, including the Swedish Foreign Direct Investment (FDI) Act and the Swedish Protective Security Act. Completion of the transaction is conditional upon customary clearances by relevant Swedish and international authorities including the EU Commission, the Swedish Energy Agency, the Swedish Transport Agency and the Swedish Inspectorate of Strategic Products, and is expected around the second half of 2025. Evercore, GKA Advisors and SEB Corporate Finance acted as financial advisors, Roschier Advokatbyrå and Mannheimer Swartling as legal advisors and Brunswick Group as communications advisor to Preem’s owner, Corral Petroleum Holdings.