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Caltex to purchase petroleum business

Caltex to purchase petroleum business

Multiple firms have been involved in the sale of Milemaker Petroleum’s retail fuel business assets in Victoria to Caltex Australia for $95 million.

Firms: Moray & Agnew (Milemaker Petroleum Pty Ltd); Gilbert + Tobin and Sparke Helmore (Caltex Australia Limited)

Deal: Milemaker Petroleum is selling its retail fuel business assets in Victoria to Caltex Australia.

Value: $95 million

Area: M&A

Key players: The Moray & Agnew legal team was led by Melbourne managing partner Bill Papastergiadis, with assistance from special counsel John Wellington and Annabel Viner and lawyer Joyce Poon.

Deal significance: Caltex Australia has entered into an agreement to purchase Milemaker Petroleum’s retail fuel business assets in Victoria and to take over the operation of 46 service stations in Victoria, the majority of which are located in and around Melbourne.

The transaction will see Caltex enter into a long-term lease for each of the 46 sites, including options to extend to 30 years.

The transaction is subject to regulatory review. If it proceeds, the sale will likely take effect from 31 January 2017.

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