Published by Global Banking & Finance Review®
Posted on September 16, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleSOCAR has acquired Italiana Petroli, gaining control over a major Italian petrol network. Financial details are undisclosed, with updates expected soon.
By Francesca Landini and Valentina Za
MILAN (Reuters) -Italiana Petroli's founding family has signed an agreement to sell the oil refiner to State Oil Company of Azerbaijan (SOCAR), handing over control of one of Italy's largest petrol station networks, a document showed on Tuesday.
In an internal memo to employees, Italiana Petroli President Ugo Brachetti Peretti said the deal was reached on Monday, confirming what sources had exclusively told Reuters.
Updates on the transaction with SOCAR would come in the next few days, said the memo seen by Reuters. It did not disclose the financial terms of the agreement.
People close to the matter had previously told Reuters that Italy's Brachetti Peretti family was seeking an enterprise value of around 2.5 billion euros ($3 billion) for the company, which holds some 500 million euros in cash.
SOCAR and IP have not officially commented on the deal.
($1 = 0.8458 euros)
(Additional reporting by Elvira Pollina in Milan, Nailia Bagirova in Baku and Ahmad Ghaddar in London. Editing by Mark Potter)
An acquisition is a corporate action in which one company purchases another company, gaining control over its assets and operations. This can involve cash, stock, or a combination of both.
Enterprise value is a measure of a company's total value, often used as a comprehensive alternative to market capitalization. It includes market capitalization, debt, and excludes cash and cash equivalents.
A financial memo is an internal document that communicates important financial information, updates, or decisions within an organization. It is often used to inform employees about changes or strategies.
A petrol station network refers to a group of petrol stations operated by a single company or brand, providing fuel and related services to consumers across various locations.
Cash management involves the collection, handling, and usage of cash, ensuring that a company has sufficient liquidity to meet its obligations while maximizing its cash resources.
Explore more articles in the Headlines category
