Petrol and diesel distributor, Viva Energy has agreed to acquire the remaining 50 per cent of the shares of Westside Petroleum.
This announcement follows a previous agreement in August 2018 by Viva Energy to acquire an initial 50 per cent non-controlling interest in Westside Petroleum, with an option to acquire the remaining 50 per cent at a future time.
Since that initial acquisition, the Westside Petroleum has grown to a retail business that includes a network of more than 50 service stations across New South Wales, Victoria and Queensland. The sites currently display a mix of Shell and Westside Petroleum branding and operate under a variety of operating models.
Both parties have agreed to bring forward the original full purchase option. Completion of the Westside Petroleum transaction is subject to FIRB and ACCC regulatory approvals.
Viva Energy has thanked outgoing Westside Petroleum Managing Director, Terry Makhlouf, and Chief Executive Officer, Patrick Riad for their respective contributions and their leadership since the intitial acquistion in August 2018.
Viva Energy’s full acquisition of Westside Petroleum will continue to support the company’s retail growth plans and strengthen its Shell Card offering.
In March, Viva Energy confirmed a strong liquidity position despite impacts of COVID-19 on its business remaining uncertain.
Extracted from Prime Mover