Chevron completes $425m acquisition of Puma Energy
Allens has advised Puma Energy on the sale of its Australian retail fuel business to Chevron.
Firms: Allens (Puma Energy)
Deal: Allens has advised Puma Energy on the sale of its Australian retail fuel business to Chevron for $425 million.
Value: $425 million.
Area: Corporate M&A, energy.
Key players: The Allens team was led by partners Kylie Brown and Chelsey Drake and also included Allen’s corporate practice teams, the projects and development team, the projects and development team, the technology, media & telecommunications team and the disputes and investigations.
Deal significance: The divestment follows a strategic review of Puma Energy’s Australian operations and includes its retail fuel outlets, shops and cafes Australia-wide.
“We were delighted to assist Puma with its sale process,” said Ms Drake.
Ms Brown said the transaction involved divesting a considerable retail real estate portfolio as part of the fuel business with more than 360 retail fuel outlets and more than 220 shops and cafes around Australia.
The Puma Energy bitumen business in Australia is not impacted by this transaction and the company will continue to develop and enhance its service offering to bitumen customers.
The transaction is a material step towards Puma Energy’s long-term commitment to deleverage the balance sheet, with the proceeds of the sale being used to pay down debt.
“The completion of this sale is a significant milestone for Puma Energy. Despite the uncertainties and difficulties of operating during the pandemic emergency and market uncertainties it was completed on time, demonstrating the commitment of both parties and underlining the determined approach that Puma Energy is taking to strengthen and protect the company’s balance sheet,” said Emma FitzGerald, CEO of Puma Energy.
Puma Energy’s top priority throughout the transaction has been the smooth transfer of assets and operations to Chevron for all employees, customers and business associates in Australia. Both parties have worked closely together to complete the transaction as planned. Chevron will continue to use the Puma Energy brand under licence in the near term.