Chevron Australia Downstream Pty Ltd, a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX) announced that it has signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. to acquire all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd for the amount of AU$425 million.
Puma Energy (Australia) Holdings Pty Ltd and its subsidiaries hold assets including a network of company-owned and retailer-owned service stations in Australia, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots.
"The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth," said Mark Nelson, Chevron's executive vice president for Downstream & Chemicals. "It will build on Chevron's strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply."
The acquisition of Puma Energy (Australia) Holdings Pty Ltd is expected to close in mid-2020, subject to regulatory approvals and the satisfaction of customary closing conditions.