Puma Energy Asia Pacific B.V. has announced the sale of its Australian commercial and retail fuels business to Chevron Australia Downstream Pty Ltd, for a purchase price of AU$425 million.
The transaction is expected to complete by mid-2020.
Puma Energy’s priority is to ensure a transparent and seamless transition of operations to Chevron for all employees, customers and business associates in Australia, it says. The Puma Energy bitumen business in Australia is not impacted by this transaction and Puma Energy will continue to invest to enhance its service to bitumen customers.
Puma Energy expects to use the proceeds of the sale to pay down debt, in line with the Company’s capital structure policy.
Emma FitzGerald, CEO of Puma Energy, said: “This transaction marks another positive step forward in Puma Energy’s commitment to optimise our global portfolio and deleverage our balance sheet by the end of 2020. This follows the sale of our business operations in Indonesia and Paraguay, enabling us to pay down our debt and ensure we’re focused on those markets which will drive growth as part of our customer-focused five-year strategy.”
BofA Securities acted as financial adviser to Puma Energy, and Allens as legal adviser. This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).