Estonian fuel seller Olerex is buying another gas station chain in Latvia through the holding company Aqua Marina, acquiring 45 gas stations operating under the Latvijas Nafta brand.
This is already the fourth gas station chain that Olerex has acquired in Latvia in the last two years. Olerex entered the Latvian fuel market in August 2021 with the purchase of KOOL Latvija gas stations and then took over Gotika Auto and Metro stations in 2022, the company said.
«The takeover of Latvijas Nafta stations is the next step in our long-term development plan to build a leading gas chain in Latvia,» Aqua Marina board member Antti Moppel said in a press release.
«With this takeover transaction, we will create a nationwide gas station chain that covers the whole of Latvia well. First, we will focus on integrating customer programs in such a way that the benefits of our existing and new customers are available at all stations of the integrated gas station chain,» Sandis Steins, a member of the board of KOOL Latvija, said.
«All existing Latvijas Nafta customer contracts will remain valid and the KOOL sales team will personally communicate with customers to ensure a smooth transition,» Steins added.
In the first stage of the takeover process, the purchased stations will continue to operate under the Latvijas Nafta brand.
The transaction needs the approval of the Latvian Competition Council to take effect. The necessary documentation for processing the merger has been submitted to the authority.