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Coles sells fuel and convenience business
Coles Group Limited has been advised on the sale of its fuel and convenience business to Viva Energy Group Limited.
Jerome Doraisamy
Firm: Corrs Chambers Westgarth (Coles Group Limited (ASX: COL)).
The transaction is subject to customary closing conditions, including Viva Energy obtaining Australian Competition and Consumer Commission (ACCC) and Foreign Investment Review Board (FIRB) approval. Completion is expected to occur in the second half of financial year 2023.
Area: Commercial
Value: $300 million
Key players: The Corrs team included partners Jonathan Farrer, Phil Catania, Mark McCowan, Ian Reynolds, Steven Rice, Justin Fox, Nathaniel Popelianski, Alex Peace, Rosie Syme, Louise Camenzuli, Paul Burns, Rhys Jewell and Jennee Chan.
Overall, a multidisciplinary team of over 30 lawyers bringing expertise from across corporate, property, financial sponsors, real estate, environment and planning, employment and labour, tax, technology, and intellectual property helped on the transaction.
Deal significance: Commenting on the matter, lead partner Jonathan Farrer said: “We are very pleased to advise Coles on this important strategic transaction, involving Australia’s largest convenience and fuel retail network with 710 sites and around 6,000 staff.
“Given the scale and complexity of the transaction, which also involves a multi-year strategic partnership and transitional arrangements, successful execution required collaboration from experts across the entire firm.”
Coles chief executive Steven Cain added: “This agreement is positive not only for Coles and Viva Energy, but also for our customers, team members and respective shareholders.
“Viva is well placed to make the most of opportunities to grow the Express business in the future, while we will strengthen our focus on our omnichannel supermarket and liquor businesses and our ambition of becoming Australia’s most sustainable supermarket group.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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