British company EG Group and the OMV group have completed a 2020 transaction that provides for the sale of 285 OMV gas stations in southern Germany to the EG Group for the amount of 485 million euro, the majority shareholder of OMV Petrom announced on Tuesday.

The 285 OMV gas stations are concentrated in the Bavarian and Baden-Wurttemberg regions with a limited degree of integration with the OMV refinery in Burghausen, Germany, which specializes in petrochemicals. According to the terms of the transaction, EG Group will also take over the debts of OMV gas stations, which brings the total value of the deal to 614 million euro, according to Agerpres.

“The sale of OMV petrol stations in Germany will reduce debt by about half a billion euros for OMV. This means successfully completing a major step in OMV’s asset sale program,” the Austrian group said in a statement.

OMV, the largest listed industrial company in Austria, holds 51.01% of the shares of OMV Petrom, the Romanian state, through the Ministry of Energy, holds 20.64%, Fondul Proprietatea – 18.99%, and 9.36% are freely traded at the Bucharest Stock Exchange.