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Puma Energy successfully completes sale of Australia fuels business to Chevron
30 Jun 2020
Singapore, 30 June 2020 – Puma Energy Holdings Pte Ltd is pleased to announce that the sale of its Australian commercial and retail fuels business to Chevron Australia Downstream Pty Ltd initially reported on 19 December 2019, was completed for a purchase price of A$425m as agreed and planned, following the receipt of all necessary regulatory approvals.
The Puma Energy bitumen business in Australia is not impacted by this transaction and the Company will continue to develop and enhance its service offering to bitumen customers.
The transaction is a material step towards Puma Energy’s long-term commitment to deleverage the balance sheet, with the proceeds of the sale being used to pay down debt, in line with the Company’s approach to managing its capital structure.
Puma Energy’s top priority throughout the transaction has been the smooth transfer of assets and operations to Chevron for all employees, customers and business associates in Australia. Both parties have worked closely together to complete the transaction as planned. Chevron will continue to use the Puma Energy brand under licence in the near term.
Emma FitzGerald, CEO of Puma Energy, said:
“The completion of this sale is a significant milestone for Puma Energy. Despite the uncertainties and difficulties of operating during the pandemic emergency and market uncertainties it was completed on time, demonstrating the commitment of both parties and underlining the determined approach that Puma Energy is taking to strengthen and protect the Company’s balance sheet in line with our deleveraging commitments.
We are pleased that the Puma Energy brand will continue under Chevron’s new ownership in Australia for the near-term. I would also like to thank Chevron for their part in successfully closing this transaction and allowing for a seamless transfer of assets that will ensure continuity of service for all our customers.
This transaction also reflects the commitment of the Puma Energy executive team to optimising our global portfolio and focussing on creating more sustainable and profitable growth in our priority markets."
Note: 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).
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For press queries, please contact:
Caroline Cutler | Genevieve Ryan
Tel: +44 (0) 20 3727 1000
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Further information can be located at: https://www.pumaenergy.com/en/investor
About Puma Energy
Puma Energy is a leading global energy business with a customer-focused approach to safely providing energy solutions in 46 countries across six continents. Puma Energy has around 3,000 retail sites, a presence at over 80 airports and a network of 100 storage terminals. Our purpose is to 'energise communities' to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
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