The business deal was completed for $95 million
The Milemaker fuel transaction has been concluded by Caltex Australia Limited. An agreement to purchase Milemaker's retail fuel business assets in Victoria was announced by the company for $95 million in end 2016. Caltex has completed the acquisition, following the ACCC resolve not to oppose the transaction.
Caltex Australia Managing Director and CEO Julian Segal said, "We look forward to investing in the network to deliver an enhanced fuel and convenience offer to customers across Melbourne. I also wish to acknowledge the Andrianakos family who have built the Milemaker business and thank them for entrusting its future to Caltex."
"I am very proud of the business that my family and I have created. Selling a business is never easy, however I am very happy that the business is going to Caltex who have been our partner for over 30 years. I am also pleased that we will continue our relationship with Caltex into the future acting as landlord for another 30 years," said Milemaker founder, Nick Andrianakos.
Over the coming weeks, Milemaker will transfer the operations of its service stations to Caltex and Caltex will enter into long term agreements for each of the sites with alternatives out to 30 years. PWKD10052017