SAUDI ARAMCO ACQUIRES US AUTOMOTIVE OIL PRODUCER VALVOLINE FOR $2.65BLN

Thu 02 March 2023:

Saudi Arabian oil giant Aramco announced on Thursday having finalized a $2.65 billion deal to acquire the US automotive oil and lubricants manufacturer Valvoline.

“The Saudi Arabian Oil Company (‘Aramco’) has completed the acquisition of the Valvoline Inc.

(NYSE: VVV) global products business (‘Valvoline Global Operations’) for $2.65 billion, through one of its wholly-owned subsidiaries,” the company said in a statement.

The companies announced the signing of an equity purchase agreement on August 1 last year.

Saudi Aramco is the national oil company of Saudi Arabia founded in 1933, with its headquarters located in Dhahran. The company controls almost all oil production facilities in the country.

As per the deal, Saudi Aramco will own the Valvoline brand in connection with its product business, while the US company will retain its brand for its retail services business.

The Saudi oil giant said the two companies plan to work together to further spread ownership of the Valvoline brand globally.

Headquartered in Lexington, Kentucky, Valvoline will continue to be a global leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the world.

The acquisition will enhance Saudi Aramco’s growing presence in the premium brand lubricants market, besides furthering the visibility for the company brand globally.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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