Australia's Viva Energy to buy convenience retailer OTR Group for $777 mln

April 05, 2023 08:46 AM AEST | By Reuters
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(Adds details on acquisition)

April 5 (Reuters) - Australian fuel supplier Viva Energy Group Ltd said on Wednesday it will buy convenience retailer On the Run (OTR Group) from Adelaide-based Peregrine Corporation for A$1.15 billion ($776.60 million).

The acquisition supports Viva Energy's vision to be Australia's leading convenience retailer, with a pathway to more than 1,000 stores in the next few years.

The deal to buy OTR, which has a network of 205 convenience retail stores, will see Viva Energy become the biggest non-government employer in South Australia, Viva said.

Viva Energy, owner of the Shell service station chain in Australia, said the deal will be funded via A$1 billion of debt and working capital, and an A$150 million equity issuance.

In September last year, Viva Energy said it plans to buy convenience stores from Coles Group Ltd, giving it a bigger store network than arch rival Ampol Ltd.

($1 = 1.4808 Australian dollars) (Reporting by Harish Sridharan in Bengaluru; Editing by Devika Syamnath)


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