BP Plc (LON:BP) has reportedly acquired more than 500 petrol stations in Australia in a deal that will confirm it as one of the county’s biggest fuel sellers.
The FTSE 100 constituent is said to have agreed the US$1.3bn deal with Aussie retailer Woolworths.
The deal grows BP’s fuel outlet portfolio from 350 sites in Australia to nearly 900 (the Woolworths deal adds 527 outlets and 16 development sites), and significantly will in time see BP replace rival Caltex Australia as the petroleum supplier at the acquired sites.
According to reports the deal was agreed on Christmas Eve and it will complete in early January.