The merger between Argos and Varo Energy to create a major independent oil company in northwest Europe.
Both companies will be integrated into one enlarged Varo Energy Group. Argos’ existing operations will continue to trade under the Argos name out of Rotterdam with activities in Benelux, France, Germany and Switzerland.
The merger transforms Varo into a major new downstream player, led by current CEO Roger Brown. It will have 1,5000 employees and handle more than 16 million m3 of products per year.
Varo Energy’s shareholders include private investment company Reggeborgh, Carlyle International Energy Partners, and Vitol.
The enlarged group based in Zug, Switzerland, will focus on refining, the transport and storage of oil products across almost 50 tank terminals in Benelux, France, Germany and Switzerland and trading, distribution and sales of products.
Brown says: ‘The combined business has the scale and capability to better service our customers: safely, efficiently and reliably across the region.’
Additionally, Varo has also agreed to acquire an additional 50% share in Rhytank AG, a service provider with storage facilities in Birsfelden, Switzerland, comprising 63 tanks with a total capacity of 347,000 m3.