Caltex Australia expands Victoria footprint
Caltex Australia, in a move to expand its reach in the Australian state of Victoria, has spent as much as $95 million in order to buy Milemaker Petroleum’s retail fuel operations.
As part of the deal, Caltex will gain full operational control of Milemaker Petroleum’s 46 service stations in Victoria. Most of these petrol stations are based in and around the Melbourne area, and come with long-term leases at the sites, potentially as long as 30 years.
Caltex Chief Executive Officer Julian Segal said: “Milemaker, a successful Australian business built and owned by Nick Andrianakos, has been a Caltex-branded reseller and customer of Caltex for over 32 years.
“I am pleased that this high quality business will remain Australian-owned and managed, as Caltex is the only independent transport fuel and convenience company listed on the Australian Securities Exchange.”
In a recent statement, Caltex highlighted that the deal would be funded from existing facilities and is expected to be earnings per share accretive in its first full year of ownership.
Business Review Australia's November issue is live.
Follow @BizReviewAU and @MrNLon on Twitter.
Business Review Australia is also on Facebook.
SOURCE: [The Australian]
Image gong hangxu / getty
Featured Articles
Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity
On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it
Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist