Ann: Viva Energy to acquire OTR Group, page-2

Surprising that VEA share price has hardly moved since announcing this acquisition.
Unless the market thinks that there is a risk not to get the approval from ACCC (expected to complete in H2 2023).

Some elements about this acquisition (from their presentation)

- OTR generates >70% of earnings from non-fuel retail
• Diversifies earnings exposure, lifting the share of earnings from non-fuel sources from ~30% (post Coles Express) to an expected ~50% of the Convenience & Mobility business
• Accelerates earnings growth of Viva Energy convenience business and integration of Coles Express acquisition through OTR proven product offering, synergies, associated brands, quick-service restaurant operations, advanced technology and supply chain capability.
- sales/store of 3.9 m vs 1.6 m for Coles Express.

Financial impact
• EPS accretion of 6% to 26% (6% on pro forma FY2022 basis, 11% on normalised FY2022 based on
historical average Refining earnings and 26% relative to FY2021)