Varo Energy has agreed to buy Corral Petroleum Holdings AB, which in turn is a 100-percent owner of Preem Holding AB and Preem AB. The purchase includes the refineries in Lysekil and Gothenburg as well as Preem's extensive depot and station network, according to Preem.
"By combining Varo and Preem, a new leading player in the energy sector is formed. With Sweden as the largest production base, the company will assist customers in road, marine, and air traffic through the energy transition", writes Preem.
No purchase price is stated in the press release.
Varo, with its headquarters in Zug, Switzerland, has 2,330 employees in 26 countries prior to the transaction.
The transaction must be approved by the relevant authorities to be completed, including the EU Commission, the Energy Agency, the Transport Agency, and the Inspectorate for Strategic Products.
"The transaction is expected to be completed during the second half of 2025", writes Preem.
