Caltex Australia has expanded its reach in Victoria, paying $95 million to secure Milemaker Petroleum’s retail fuel operations in the state.

The deal includes operational control of 46 service stations in Victoria, the majority of which are in and around Melbourne, with long-term leases at the sites potentially extending as long as 30 years.

“Milemaker, a successful Australian business built and owned by Nick Andrianakos, has been a Caltex-branded reseller and customer of Caltex for over 32 years,” chief executive Julian Segal said.

“I am pleased that this high quality business will remain Australian-owned and managed, as Caltex is the only independent transport fuel and convenience company listed on the Australian Securities Exchange.”

Caltex (CTX) said the deal would be funded from existing facilities and is expected to be earnings per share accretive in its first full year of ownership.

The deal is slated for completion on January 31, pending regulatory approval.

Extracted from The Australian