SPA — The Saudi Arabian Oil Company (“Aramco”) has completed through a wholly owned subsidiary, the acquisition of Valvoline Inc. (NYSE: VVV), affiliated with US global products business for US$2.65 billion.
Under this acquisition, which comes after the two companies signed the share purchase agreement announced on August 1, 2022, Saudi Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants.
Also, under the deal, Saudi Aramco will own the brand (Valvoline) in connection with its product business, while (Valvoline) will own the brand in connection with its retail services business, and Saudi Aramco and Valvoline plan to work together to further spread ownership of the (Valvoline) brand globally.
Headquartered in Lexington, Kentucky, Valvoline Global Operations will continue to be a global leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the world.
It is worth mentioning that this acquisition will enhance Saudi Aramco’s growing presence in the premium brand lubricants market, and open global horizons to promote the position of the name that is more than 150 years old in the world, providing a foundation for future growth and integrating the refining, chemicals and marketing business portfolio.