$1.15 billion OTR Fuel station chain sold in South Australia
In what is being hailed as one of the biggest deals in the Australian fuel industry, the South Australian OTR fuel station chain has been sold to EG Group, a global fuel and convenience retailer, for a staggering $1.15 billion. The deal, which was announced on Thursday, marks a significant milestone for the Australian fuel industry and sets a precedent for future acquisitions.
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Contents
The Acquisition
EG Group, which is owned by the billionaire Issa brothers, is set to acquire the entire OTR fuel station chain, which currently boasts over 350 sites across South Australia. The acquisition also includes the OTR convenience stores and food outlets, as well as the associated commercial fuel card business.
The deal comes after a long period of speculation and negotiation between EG Group and the OTR’s parent company, Peregrine Corporation. Peregrine Corporation, which is owned by the Shahin family, has been the driving force behind the OTR chain’s success since its inception in 1984.
The Significance of the Deal
The sale of the OTR fuel station chain to EG Group marks a significant shift in the Australian fuel industry. For one, it sets a new benchmark for future acquisitions in the sector, particularly in the wake of the COVID-19 pandemic, which has significantly impacted the industry.
The acquisition is also significant in that it represents the entry of EG Group into the Australian market. EG Group, which operates over 6,000 sites across 10 countries, has been actively seeking to expand its footprint in the Asia-Pacific region. The acquisition of the OTR chain is expected to give EG Group a strong foothold in the Australian market and pave the way for further expansion.
The Future of the OTR Chain
While the acquisition of the OTR chain by EG Group represents a significant change for the South Australian fuel industry, it is important to note that the OTR chain is expected to continue operating as usual under the new ownership.
EG Group has indicated that it intends to invest in the OTR chain and grow the business further, leveraging its global expertise and resources to enhance the customer experience and drive innovation in the sector.
The Impact on the South Australian Community
The sale of the OTR chain to EG Group is also expected to have a significant impact on the South Australian community. The OTR chain is a major employer in the state, with over 2,500 staff currently employed across its various sites. The acquisition is expected to safeguard these jobs and provide opportunities for further growth and development.
In addition, the OTR chain has been a significant contributor to the South Australian economy, with its operations generating millions of dollars in revenue each year. The sale of the chain to EG Group is expected to further boost the state’s economy and create new opportunities for local businesses and suppliers.
Conclusion
The sale of the OTR fuel station chain to EG Group is a major development for the Australian fuel industry and the South Australian community. The $1.15 billion deal marks a significant shift in the sector and sets a new benchmark for future acquisitions. While the acquisition is expected to have a significant impact on the industry and the community, it is important to note that the OTR chain is expected to continue operating as usual under the new ownership, with the potential for further growth and development in the years ahead.
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