(Adds details on acquisition)
April 5 (Reuters) - Australian fuel supplier Viva Energy Group Ltd (VEA) said on Wednesday it will buy convenience retailer On the Run (OTR Group) from Adelaide-based Peregrine Corporation for A$1.15 billion ($776.60 million).
The acquisition supports Viva Energy's vision to be Australia's leading convenience retailer, with a pathway to more than 1,000 stores in the next few years.
The deal to buy OTR, which has a network of 205 convenience retail stores, will see Viva Energy become the biggest non-government employer in South Australia, Viva said.
Viva Energy, owner of the Shell service station chain in Australia, said the deal will be funded via A$1 billion of debt and working capital, and an A$150 million equity issuance.
In September last year, Viva Energy said it plans to buy convenience stores from Coles Group Ltd (COL) , giving it a bigger store network than arch rival Ampol Ltd (ALD) .
($1 = 1.4808 Australian dollars) (([email protected]; Twitter: https://twitter.com/damnit_saladin;))
News: VEA UPDATE 1-Australia's Viva Energy to buy convenience retailer OTR Group for $777 mln
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Last
$2.02 |
Change
-0.040(1.94%) |
Mkt cap ! $3.261B | |||
| Open | High | Low | Value | Volume |
| $2.07 | $2.07 | $2.02 | $9.043M | 4.459M |
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|---|---|---|
| 5 | 76036 | $2.01 |
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|---|---|---|
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