Gilbert + Tobin has advised fuel retailer OTR Group on the successful ACCC clearance for its A$1.15 billion acquisition by Viva Energy. The deal is subject to Viva Energy divesting 25 Coles Express sites in South Australia.
Viva Energy is one Australia’s leading fuel retailers, operating a nationwide chain of fuel and service stations, including Coles Express. OTR Group, also a fuel retailer, operates predominantly in South Australia, where it boasts the largest footprint in the region. As part of the proposed acquisition, Viva Energy will acquire a total of 184 OTR retail fuel stations excluding 25 Coles Express sites in South Australia which will be divested to Chevron.
Head of Gilbert + Tobin's Competition, Consumer + Market Regulation group, Elizabeth Avery noted: "We are excited to have assisted OTR Group on this landmark transaction to achieve an outstanding result. The transaction reflects a culmination of many years' work by the OTR Group in creating an innovative fuel + grocery experience for its customer. The transaction will enable Viva to expand the OTR offering across its national network. The G+T team did a superb job in providing the ACCC a detailed local area analysis to enable them to closely analyse local competition dynamics in South Australia".
Partner Jeremy Jose , who also assisted, commented: "This was an exciting deal to work on, and the final result is the product of a lot of work behind the scenes to achieve a great commercial outcome that also addressed the ACCC's competition concerns" .
Elizabeth and Jeremy were supported by special counsel Haidee Leung, and lawyers Radha Rathi, Neeharika Maddula and Brittany Baker. Corporate Advisory partner Hiroshi Narushima advised on the M&A aspects of the merger.
