Puma Energy completes sale of Australia fuels business to Chevron
The transaction of the fuelling business has been valued at USD 295 million.
Puma Energy Holdings has announced that the sale of its Australian commercial and retail fuels business to Chevron Australia Downstream Pty Ltd initially reported on 19 December 2019, was completed for a purchase price of A$425m as agreed and planned, following the receipt of all necessary regulatory approvals.
The Puma Energy bitumen business in Australia is not impacted by this transaction and the company will continue to develop and enhance its service offering to bitumen customers.
The transaction is a material step towards Puma Energy’s long-term commitment to deleverage the balance sheet, with the proceeds of the sale being used to pay down debt.
“The completion of this sale is a significant milestone for Puma Energy. Despite the uncertainties and difficulties of operating during the pandemic emergency and market uncertainties it was completed on time, demonstrating the commitment of both parties and underlining the determined approach that Puma Energy is taking to strengthen and protect the company’s balance sheet,” said Emma FitzGerald, CEO of Puma Energy.
Puma Energy’s top priority throughout the transaction has been the smooth transfer of assets and operations to Chevron for all employees, customers and business associates in Australia. Both parties have worked closely together to complete the transaction as planned. Chevron will continue to use the Puma Energy brand under licence in the near term.
