An agreement has been signed between Doğan Enerji and Arista Holding, which operates petrol and LPG gas stations under the “Full” brand, for the purpose of establishing a partnership. Doğan Enerji will have a 60 percent share in the new partnership, with Arista holding the remaining 40 percent.
The Material Disclosure Statement delivered to the Public Information Platform states that Doğan Enerji will pay 109 million USD for the transfer of shares.
Arista still needs to complete its transfer of shares corresponding to 60 percent of their capital to Doğan Enerji, while Doğan Enerji should make a payment in the amount of 109 million USD by December 28, 2012, the anticipated closing date for the transaction. However, the closing date may be extended for a period of three months if closing conditions are not fully met.
In the first half of 2012, Full enjoyed the fastest market share increase of any brand, especially in gasoline. During this period, Full reached a combined market share of 2.2 percent, with 2.6 percent in gasoline and 1.6 percent in diesel. The combination of gasoline and diesel, also known as “the white product”, represented 1.7 percent of the market, while LPG auto gas posted a 2.2 percent market share. Full’s first half turnover in this period was reported as 650 million TL.
Full currently has 54 petrol stations, with five tanker terminals and 54 tanker trucks servicing these stations. Of the 54 stations, 35 carry LPG auto gas as well. The company owns 24 of the 54 petrol stations it currently operates.
Partnership negotiations between Doğan Enerji and Arista were in the works for the past 10 months. An exclusivity agreement, signed at the beginning of the year for the purpose of initiating the negotiations, was extended a total of three times during the 10-month period.