Caltex Australia will take over assets owned by the Victorian retailer Milemaker Petroleum in the new year, having struck a deal worth $95 million.
The sale means Caltex will take control of the operation of 46 different service stations in Victoria, with leases optioning out to 30 years.
Caltex CEO Julian Segal said Milemaker was a successful business that had been a Caltex-branded reseller for more than 32 years.
“I am pleased that this high quality business will remain Australian-owned and managed, as Caltex is the only independent transport fuel and convenience company listed on the Australian Securities Exchange,” he said.
Caltex said the purchase price would be funded from existing facilities, with earnings per share accetive in the first full year of ownership.
The transaction is expected to be completed on 31 January 2017.