Hong Kong’s billionaire Cheng family, which controls a real estate and jewelry empire, is exploring a bid for European fuel supplier Varo Energy BV, reported Bloomberg, citing people with knowledge of the matter.
The companies have held talks about a deal that could value Varo Energy, backed by investors including Carlyle Group, at approximately €2 billion ($2.3 billion) including debt.
Varo manages fuel stations throughout the Netherlands, Belgium, France and Germany. It also owns stakes in two refineries and controls about 3 million cubic meters of fuel-storage capacity, according to its website. The company had $13.4 billion of revenue in 2017.
