PKN Orlen is set to acquire a 65% stake in Ruch and become the company’s majority shareholder, responsible for its development.
The parties to the transaction have agreed on the terms and conditions of the deal in an investment agreement. PKN Orlen has also obtained clearance from the Office of Competition and Consumer Protection (UOKiK) to go ahead with the transaction.
Alior Bank agreed to cancel Ruch’s debt of PLN 87.5m
Under the investment agreement, PKN Orlen is to become the majority shareholder of Ruch, holding a 65% stake, with PZU, PZU Życie and Alior Bank as the other shareholders.
Also, Alior Bank has agreed to cancel Ruch’s debt of PLN 87.5m. The transaction is contingent upon a final court decision confirming that the arrangements between Ruch and its creditors have been implemented as part of two accelerated arrangement procedures.
PKN Orlen to open retail and food outlets in locations other than service stations
In line with its strategy, PKN Orlen plans to open retail and food outlets in locations other than service stations, to serve as a platform for generating synergies with Ruch.
Market research conducted by PKN Orlen has shown potential for rolling out its format in non-service-station locations using RUCH’s assets.