Viva Energy – owner of the Coles Express and Shell chains – is looking to secure its future in a world of electric vehicles, and South Australia’s OTR service station shop chain is said to be part of its plan.
Australian service station giant Viva Energy has purchased retail chain OTR in a deal worth $1.15 billion.
The service station chain best known for its dominance in South Australia will come into the Viva Energy group of companies, which includes Coles Express, Shell, and Liberty fuel stations.
The family-run OTR chain – which stands for ‘On the Run’ – has more than 160 outlets across the country, employing more than 6500 people.
However, the deal is still subject to the approval of the Foreign Investment Review Board and the Australian Competition and Consumer Commission (ACCC).
With 70 per cent of OTR’s earnings coming from non-fuel retail purchases, Viva Energy’s acquisition appears to be planning for a future with more electric vehicles.
“OTR outlets offer an attractive and welcoming store environment, supporting increased dwell time, which is likely to be a key factor in successfully introducing electric vehicle recharging facilities over time,” Viva Energy CEO Scott Wyatt said in a statement.
OTR founder Yasser Shahin will stay on to help with the transition, and has promised to keep Adelaide as the company’s headquarters.
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