Service Station Chain OTR Sells To Viva Energy For $1.15 Billion
Billion dollar deal
One of South Australia’s largest private employers, service station chain OTR has been sold to the petrol and diesel supplier Viva Energy in a $1.15 billion deal.
Viva Energy said the acquisition of OTR aimed to create more than 1,000 convenience retail outlets, including Coles Express convenience and Liberty Convenience businesses.
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Viva Energy is the licensee of the Shell Brand in Australia and the operator of the 700 stores of Coles Express Network of Fuel & Convenience sites.
Peregrine Corporation Managing Director Charlie Shahin AO said the SMGB business would continue to operate under its current leadership and business plan.
“Viva has a lucrative wholesale business that will undoubtedly create synergies with the merge of SMGB wholesale into the group,” Mr Charlie Shahin said.
OTR founder Yasser Shahin told ABC that the deal would make OTR the national brand it deserved to be.
“The intention and the reason behind this deal is to replace what is now the Coles Express brand in 700-plus Shell sites and replace that with OTR,” Mr Yasser Shahin said.
“I’d like to see OTR realise its ambition, and the fact is OTR’s bigger than me. It’s bigger than the family,” he said.
“There are 7,000 staff, Viva have got 6,000, and it’s the right thing for the business,” Mr Yasser Shahin added.
The Shahin family’s ownership of the Peregrine Property, Construction & Development (PCO) and Motorsport (The Bend) divisions will remain unchanged.
OTR’s headquarters is still in Adelaide, and the transaction is expected to be completed in CY 2024.
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