Informing shareholders this morning, Coles mentioned it should obtain $300 million from the sale of the petrol stations to Viva Power, which has been supplying gas from its Geelong refinery.
All 710 Coles Categorical stations might be rebranded, however Coles prospects will nonetheless have entry to the 4 cent per litre gas docket program, and Viva Power will stay a associate of Flybuys.
The sale, if authorized by regulators, is anticipated to be finalised by the second half of the monetary 12 months.
”This settlement is constructive not just for Coles and Viva Power, but additionally for our prospects, staff members and respective shareholders,” he mentioned.
“Viva is well-placed to benefit from alternatives to develop the Categorical enterprise into the longer term, whereas we’ll strengthen our give attention to our omnichannel grocery store and liquor companies and our ambition of changing into Australia’s most sustainable grocery store group.”
“We’ve got loved a robust partnership with Coles over the past 20 years and that is an thrilling subsequent step for our enterprise and our relationship,” he mentioned.
“The acquisition means we will speed up our plans to develop the built-in gas and comfort enterprise whereas our prospects proceed to benefit from the glorious customer support supplied by the devoted Categorical staff, the intensive product vary in-store and the loyalty packages we all know they love.
“We look ahead to welcoming all the Coles Categorical staff members to Viva Power as soon as the transaction completes.”
The sale continues to be pending approval from the Australian Competitors and Client Fee (ACCC).