09 May 2017
Caltex Australia Limited (ASX:CTX) has completed the Milemaker Petroleum transaction.
On 7 November 2016, Caltex announced that it had entered into an agreement to purchase Milemaker Petroleum’s retail fuel business assets in Victoria for $95 million.
Following the ACCC decision on 4 May 2017 not to oppose the transaction, Caltex has completed the acquisition.
Caltex Australia Managing Director and CEO Julian Segal said he was delighted to be bringing the 46 Milemaker sites into the core Caltex network in Melbourne.
“We look forward to investing in the network to deliver an enhanced fuel and convenience offer to customers across Melbourne. I also wish to acknowledge the Andrianakos family who have built the Milemaker business and thank them for entrusting its future to Caltex,” Mr Segal said.
Milemaker founder, Nick Andrianakos said "I am very proud of the business that my family and I have created. Selling a business is never easy, however I am very happy that the business is going to Caltex who have been our partner for over 30 years. I am also pleased that we will continue our relationship with Caltex into the future acting as landlord for another 30 years."
Milemaker will transfer the operations of its service stations to Caltex in the coming weeks. Caltex will enter into long term leases for each of the sites with options out to 30 years.
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