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United Petroleum opens doors for possible sale
United Petroleum, Australia's convenience store and petrol retailer, said that they are considering a joint venture for their business or a possible sale tagged at US$921 million or AUD1 billion including debt. United Petroleum said that they have already received a number of offers from international companies.
United Petroleum is currently working with KPMG Corporate Finance regarding possible options. The privately-owned business began considering a possible deal after Archer Capital closed the deal for retailer and fuel distributor, Ausfuel, was acquired by Puma Energy last February. The Ausfuel acquisition was tagged at USD650 million. The Ausfuel-Puma Energy deal sparked interest for acquisitions in the sector. United Petroleum is now attracting interest from international operators for possible joint venture or acquisition.
"United is exploring possibilities for a strategic alliance with international parties to fast track the expansion of the United business," a person familiar with the process said.