The Croatian oil company INA and Hungary's MOL have agreed to acquire Austrian OMV's 92.25% stake in OMV Slovenia, INA announced on Tuesday.

INA already holds 7.75% of shares in OMV Slovenia and, in accordance with the agreement, intends to increase its stake to 33%, the company said in a statement without revealing the value of the transaction. The transaction includes 120 retail sites in Slovenia and the company’s wholesale operations.

OMV Slovenia operates the second largest retail network in Slovenia with 120 retail sites operating under four brands: OMV (108), Euro Truck (4) and Avanti/Diskont (8). After the acquisition, INA and MOL will become full owners of this property.

With 48 MOL and five INA-branded retail sites in Slovenia, MOL Group is currently the third largest player on the Slovenian retail market. Thanks to the potential transaction, MOL and INA, that is MOL Group, could have 173 retail sites in Slovenia, the statement said.

The transaction is subject to concentration approval.

The main supplier of fuel for the existing and newly-acquired retail sites of INA and MOL in Slovenia will be INA.

This acquisition ensures access to a key market for our oil refinery at Rijeka and the long-term future for the refinery. It shows that, together with MOL, we continue to achieve our strategic goals of strengthening the presence of INA and MOL Group in the region, INA’s CEO Sándor Fasimon said.