Saudi Aramco acquires Valvoline global products business for $2.65 bln

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Saudi Aramco completed the acquisition of the Valvoline Global Operations (VGP), the global products business of New-York listed Valvoline Inc., through one of its wholly-owned subsidiaries, for $2.65 billion.    

In a statement, the world’s largest oil exporter stated that the acquisition helps it become one of the world's preeminent integrated, branded lubricants players.

Aramco will now own the Valvoline brand with respect to the products business, while Valvoline will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline plan to join hands to continue to grow the Valvoline brand equity globally. 

In August 2022, Saudi Aramco 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, Argaam reported.