The merger will combine OTR, Smoke Mart & Gift Box (SMGB) and fuel wholesale into Viva Energy’s convenience and mobility business. Build a network of over 1,000 convenience stores, including Coles Express convenience stores and Liberty convenience stores.
The $1.15 billion sale will accelerate the launch of the OTR Group’s national growth plans, making OTR Australia the undisputed leading retail brand, and plans to further expand the chain’s OTR and quick service restaurant offerings.
Yasser Shaheen, founder of OTR, said: “Today’s announcement marks an incredibly exciting moment for our company. The Australian expansion of the iconic South Australian brand OTR accomplishes several of the project’s main objectives: to see how OTR expands across the country.”
Subject to regulatory approval, the directors of the Peregrine group of companies have agreed to merge OTR, SMGB and fuel wholesale with Viva Energy’s convenience and mobility business (Viva Energy is the licensee of the Shell brand in Australia and 700-store Coles). Express gas station and chain of convenience stores).
Charlie Shaheen AO, Managing Director of Peregrine Corporation, said: “The SMGB business will continue to operate under the current management and business plan. Viva has a lucrative wholesale business that will no doubt create synergies with the integration of SMGB Wholesale into the group.”
The deal, which includes a combination of cash and shares, will allow the Shaheen family to become the majority shareholders of Viva Energy Australia.
“The OTR Group is one of Australia’s most successful and innovative retail and fuel suppliers. I am very proud of what OTR has achieved in just three decades. We are committed to the successful integration of these enterprises, OTR. The group is delighted to be joining one of Australia’s largest retailers.”
Upon completion of the agreement, Viva Energy Group will have a chain of nearly 1,000 convenience stores across Australia employing over 12,000 employees; it is planned to expand OTR and fast food restaurant services throughout the chain.
Members of the OTR Group team and support center staff are invited to join Viva Energy on existing terms. There will be no immediate changes, and 6500 OTP, SMGB and fuel wholesale will operate as usual.
Mr. Yasser Shaheen, Chief Executive Officer of OTR, will remain with Viva Energy on a full-time basis for two years after the sale is completed. During this period, Mr. Shaheen will continue to lead the OTR Group while supporting the transformation of the business, including working closely with Mr. Jevan Buzo, General Manager of Viva Energy’s Convenience and Mobility Division.
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Post time: Aug-04-2023
