Deal: Viva Energy is set to own and operate 710 Coles Express sites and result in termination of the existing fuel and convenience alliance between Coles and Viva Energy, which otherwise was due to end in 2029.

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.

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“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.”