The Saudi Arabian Oil Company “Saudi Aramco” announced today, Monday, the signing of a purchase agreement to acquire Valvoline Global Products (VGP).
It is a subsidiary of the American Valvoline Company, listed on the New York Stock Exchange, referred to as VGP.
The purchase agreement was for $2.65 billion, subject to some of the usual modifications set out in the purchase agreement.
Valvoline is a global company with a long history in the production and distribution of well-known brand lubricants for automotive and industrial applications, as well as automotive chemicals.
Following completion of the transaction, Valvoline will focus on its retail services business in the market, including enhancing its growth path and service model.
Retail services are expected to benefit from a strong financial position and a clear strategy for value creation.
The world-class preventive maintenance services model for electric vehicle owners and fleets will also be expanded as the number of registered vehicles increases.
Completion of the transaction is subject to applicable closing terms, including regulatory approvals.