Viva Energy Group Ltd → Coles Express (fuel & convenience network, from Coles Group)
completedColes Group sold its more than 700 Coles Express fuel and convenience sites to Viva Energy for A$300 million cash, with a further A$816 million of lease liabilities assigned to Viva Energy. Completion occurred in H1 2023 after ACCC approval, with sites transitioning to Viva's OTR branding.
Viva Energy wanted a large national convenience retail network to complement its OTR Group acquisition, building scale in fuel and convenience retail.
Coles exited direct fuel retailing to focus on its core supermarket business, while retaining a multi-year strategic partnership giving Coles customers ongoing fuel discount dockets across the network.
Not specifically detailed in available coverage.
Deal mechanics
Cash consideration of A$300m plus assignment of A$816m in lease liabilities
Required and received ACCC approval