The Saudi Arabian Oil Company (Aramco) announced the acquisition of the US-based automotive oil and lubricant maker Valvoline Inc.
The takeover deal is valued at $2.65 billion.
Aramco said it will acquire the US company through one of its wholly-owned subsidiaries, SPA reported.
The two companies signed a share purchase agreement in August, 2022.
The acquisition will help the Saudi energy major to become one of the most prominent integrated brands in the world in the field of lubricants.
As per the deal, Saudi Aramco will own the Valvoline brand in connection with its product business, while the US company will retain its brand for its retail services business.
The Saudi oil giant said the two companies plan to work together to further spread ownership of the Valvoline brand globally.
Headquartered in Lexington, Kentucky, Valvoline will continue to be a global leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the world.
The acquisition will enhance Saudi Aramco’s growing presence in the premium brand lubricants market, besides furthering the visibility for the company brand globally.
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