Chevron’s wholly-owned subsidiary Chevron Australia Downstream has completed the acquisition of Puma Energy (Australia) Holdings for AU$425m ($292.2m).
The firm has acquired all the all shares and equity interests of Puma Energy from Puma Energy Asia Pacific.
The purchase adds a network of over 360 company-owned and retailer-owned service stations, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots to Chevron’s Australian portfolio.
Chevron will use the Puma Energy brand under licence in the near term.
Chevron Downstream & Chemicals executive vice president Mark Nelson said: “This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market.
“We are excited to welcome Puma Energy’s employees into the Chevron family. Once we satisfy current licensing commitments in Australia we look forward to extending the Caltex family of brands across the continent.”
Puma Energy bitumen business in Australia not impacted by the transaction
The acquisition, which was announced in December last year, has now been completed following the receipt of all necessary regulatory approvals.
The transaction does not impact the Puma Energy bitumen business in Australia.
Puma Energy said that it will continue to develop and enhance its service offering to bitumen customers.
The sale of its Australian fuels business is part of its Puma Energy’s long-term commitment to deleverage the balance sheet.
The company will utilise the sale proceeds to pay down debt, in line with its approach to managing its capital structure.
Puma Energy stated: “Puma Energy’s top priority throughout the transaction has been the smooth transfer of assets and operations to Chevron for all employees, customers and business associates in Australia. Both parties have worked closely together to complete the transaction as planned.”
