The petrol retailer Circle K has announced plans to acquire 26 filling stations from the Astarte-Nafta company, Circle K representatives have told LETA.
The two companies have filed a joint report with the Latvian Competition Council on the sale, and the transaction will be dependent on the council’s ruling.
Astarte-Nafta CEO Ojars Karcevskis says that the petrol business in Latvia is fiercely competitive and that regional reforms have reduced the importance of regions, instead focusing more on urban areas, particularly large ones.
Furthermore, growth requires constant investment and innovation, said Karcevskis.
In September 2024, the Competition Council allowed Circle K to buy one Astarte-Nafta filling station in Krasta Street in Riga.
Astarte-Nafta posted revenues of EUR 65.131 million in 2023, which was a decrease by 10.2% year-on-year. Astarte-Nafta was registered in 1995 with share capital of EUR 31,240. The company is owned by Janis Anspoks (92.73%) and Ligita Dzene (7.27%).
Circle K Latvia earned revenues of EUR 575.97 million during its last financial year, which ran from May 1, 2023, to April 30, 2024. This was a 7.2% decrease from the 2022-23 financial year, while the company’s profits rose by 71% to EUR 13.392 million.
Circle K was registered in 1992 with share capital of EUR 27.564 million, according to Firmas.lv. The company is owned by Norwegian-registered Circle K.
Source: BNS
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