Doğan Energy buys 60 pct of Full Petrol

ISTANBUL- Hürriyet Daily News

Doğan Energy has signed a deal with Arista Holding to acquire a 60 percent stake in Full Petrol. Doğan Energy will pay $109 mln for the stake. Hürriyet photo

Doğan Energy has signed an agreement with Arista Holding to acquire a 60 percent stake in Full Petrol gasoline and LPG stations, according to a statement released by the Doğan Group to the Istanbul Stock Exchange. Doğan Energy is expected to pay $109 million for the stake.

The deal is expected to close on Dec. 28 and in the event that any of the conditions are not met, the closing could be delayed for three months. Doğan Enerji had been negotiating with Arista for 10 months for a partnership.

In the first six months of 2012, Full is the brand that has been able to increase its market share the most quickly, especially in the gasoline market, according to daily Hürriyet.

Full has 54 gas stations under its umbrella, five filling terminals and 54 tankers that service these stations. Furthermore 35 of these stations sell LPG gas.