Australian retailer Coles Group has announced the sale of its fuel and convenience store business to fuel firm Viva Energy.
According to sources, Coles and Viva Energy had been operating the business in a partnership that was planned to end in 2029. With this acquisition, Viva Energy will operate the largest fuel and convenience network in the country, under one single operator.
Leases on 716 Coles Express stores will be assigned by Coles and, over the next two years, the convenience stores will be rebranded to Viva Energy.
Scott Wyatt, Viva Energy’s CEO said: “This is an exciting step for Viva Energy that will enable us to further extend our network, invest in new and innovative convenience offers across our stores, and enhance our loyalty and digital programs to simplify the way our customers transact with us”.
Provided that the acquisition passes the regulatory approvals, Viva Energy will purchase the business for AUD $300 million ($197 million). The deal is expected to be completed in the first half of 2023.
Sources: Inside FMCG / Viva Energy