On September 27, 2024, electronic auctions were held for the sale of 245 fuel stations operating under the ANP and Avias brands, along with 33 land plots that had been pledged to PrivatBank as collateral. The total transaction value amounted to UAH 695.9 million.
Auction Details
The auction was conducted electronically. The winner was identified as “Participant 7,” whose identity has not been disclosed. Out of nine bidders, only this participant paid the required security deposit of UAH 34.7 million, securing participation in the final stage of the auction.
The assets were sold as part of the bank’s ongoing efforts to recover non-performing loans and dispose of collateralized property.
Geographic Coverage
The lot included gas stations and land plots located in 21 regions of Ukraine, including Vinnytsia, Volyn, Dnipropetrovsk, Zhytomyr, Zakarpattia, Zaporizhzhia, Ivano-Frankivsk, Kirovohrad, Lviv, Mykolaiv, Odesa, Poltava, Rivne, Sumy, Ternopil, Kharkiv, Kherson, Khmelnytskyi, Cherkasy, Chernihiv, and Chernivtsi regions.
According to informed sources, most of the assets were formerly part of the ANP and Avias networks belonging to the Privat Group associated with Ihor Kolomoiskyi.
Risks and Asset Condition
Industry sources noted that a significant portion of the fuel stations are located:
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in temporarily occupied territories;
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in areas of active hostilities;
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or in regions with elevated security risks.
As a result, many of the assets are currently inoperable or economically risky to operate, which significantly impacted the portfolio valuation.
The buyer effectively acquired a portfolio of assets at a substantial discount, likely betting on long-term recovery in value once the security situation stabilizes.
Market Context
Following its nationalization in 2016, PrivatBank has been actively working to resolve distressed assets linked to former owners, particularly in the fuel retail segment. The sale of 245 gas stations represents one of the largest collateral asset disposals in 2024.
For the market, the deal signals:
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ongoing restructuring of the former Privat Group’s fuel retail assets;
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the potential emergence of a new large-scale regional market player;
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further consolidation within Ukraine’s fuel retail sector.
Financial Perspective
The transaction value of UAH 695.9 million (approximately $19 million at the time of sale) implies an average price of around UAH 2.8 million per asset, including land plots. Prior to 2022, operational fuel stations could have commanded significantly higher valuations.
The deal reflects the realities of a wartime economy: elevated risks, significant valuation discounts, but also continued investor interest in large asset portfolios with long-term strategic potential.
Conclusion
The sale of 245 ANP and Avias gas stations marks a notable transaction in Ukraine’s distressed asset and fuel retail market. It demonstrates the banking sector’s commitment to cleaning up balance sheets while highlighting investor willingness to engage in complex but strategically promising assets even amid ongoing war conditions.
