Aramco mulls to complete acquisition of Valvoline Global Products in early 2023: Report

22/08/2022 Argaam
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Logo of Saudi Aramco

Saudi Arabian Oil Co. (Saudi Aramco) plans to complete acquisition of Valvoline Global Products (VGP), a subsidiary of the US-based Valvoline Inc, by early 2023, Mohammed Al-Qahtani, Aramco’s Senior Vice President of Downstream, told Arab News.

 

He added that VGP will acquire perpetual ownership of the Valvoline brand, trademarks and copyrights in the products sector.

 

The transaction will contribute significantly to Saudi Aramco’s 2030 strategic target of selling finished lubricants, the top official said, adding that Valvoline will also procure lubricants from Global Products, through a long-term supply agreement.

 

Earlier this month, the Saudi oil giant signed a purchase agreement to acquire VGP for $2.65 billion. The deal’s completion is subject to the applicable closing conditions, including regulatory approvals, according to data available with Argaam.

 

For More Mergers and Acquisitions

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