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The State Oil Company of Azerbaijan (Socar) is close to reaching an agreement to acquire Italiana Petroli, one of Italy’s largest fuel distributors, according to people familiar with the matter.
A signing could take place as early as Monday, barring any last-minute delays, Reuters reported.
The deal involves the Brachetti-Peretti family, which has owned Italiana Petroli since its establishment through API Holding in 1933. Sources said the family had previously sought an enterprise value of around €2.5 billion ($2.9 billion) for the company. Italiana Petroli currently holds approximately €500 million in cash.
While the financial terms of the agreement have not been disclosed, Socar is being advised by Italy’s Intesa Sanpaolo IMI Corporate and Investment Banking unit, while UniCredit is acting as advisor to the seller.
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Italiana Petroli operates one of the largest petrol station networks in Italy and also has petrochemical operations. In 2024, the company generated €4.3 billion in annual revenue, posting a net profit of €332 million.
Founded more than 90 years ago, the company has long been a key player in Italy’s energy sector. The acquisition would grant Socar control of a major retail fuel distribution network in Europe’s third-largest economy.
Socar has been pursuing a restructuring plan aimed at expansion toward Western markets, strengthening its position in Europe while reassessing assets in Türkiye. The strategy involves potential divestments, including its major port operation in Türkiye, alongside new investments to broaden the company’s regional footprint.
In July, Bloomberg reported that Socar was weighing the sale of Socar Terminal, the country’s largest integrated port facility, as part of a $7 billion investment and restructuring program for its Turkish operations.
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