Potential Westside Petroleum investment

Source Press Release
Company Viva Energy Australia Pty Ltd 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date July 13, 2018

In May 2018, Viva Energy agreed to acquire a 50% non-controlling interest in Westside Petroleum, an independently owned and operated retail fuels business, with more than 50 Retail Sites across New South Wales, Victoria and Queensland. The Retail Sites in Westside Petroleum’s network operate under a variety of models displaying predominantly Shell or Westside Petroleum branding. Viva Energy is currently a major supplier of refined product to Westside Petroleum, and the acquisition, if completed, will contribute to the growth, and geographical diversity of sites, in Viva Energy’s retail fuel network. If the transaction completes, Westside Petroleum will continue to operate independently, with Viva Energy having a right to board representation. The acquisition remains subject to regulatory approvals, and if approved, is expected to complete in the second half of 2018. The initial cash purchase price in respect of the 50% interest is $15,000,000, which amount may be increased by reference to an earn-out mechanism in respect of the 12 months to 30 September 2019. Viva Energy has also been granted a call option to acquire the remaining 50% interest in Westside Petroleum, with the exercise price being an amount determined by reference to an earnings-based formula.

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