Caltex Australia has agreed to acquire Milemaker Petroleum’s retail fuel business assets in Victoria for $95 million.
Under the transaction, Caltex will acquire the business assets and take over operation of 46 service stations in the state, with the majority in and around Melbourne. Caltex will also enter into long-term leases for each of the sites with options out to 30 years.
Caltex CEO Julian Segal said Milemaker, a successful Australian business built and owned by Nick Andrianakos, had been a Caltex-branded reseller and customer of Caltex for more than 32 years.
“I’m pleased that this high-quality business will remain Australian owned and managed, as Caltex is the only independent transport fuel and convenience company listed on the Australian Securities Exchange,” he said.
Completion of the transaction is scheduled for January 31, 2017, allowing time for regulatory review and execution of various operational agreements.