Agip Espana’s purchase will reportedly allow Galp to double its retail presence in Spain. If the acquisition goes through, Galp will own more than 500 service stations and 320 convenience stores in Spain.
Galp’s Spanish market share is expected to increase to 7% from 4%. Spain is expected to contribute 42% of Galp’s overall fuel sales, in comparison with the 52% that is accounted for by Portugal.
The acquisition requires regulatory approval from competition authorities. Galp stated that it is not expecting any difficulties and expects the transaction to go through smoothly.
Mr Oliveira said: We signed contracts with three banks to evaluate the acquisition and they will be ready in two or three months.
