Petrol station giant BP Australia today announced the acquisition of South Australian fuel and convenience retailer X Convenience.
The deal expands BP’s network, with more than 50 X Convenience sites in South Australia and Western Australia.
The deal comes two months after Victorian-based Viva Energy completed its acquisition of South Australian service station group OTR, which it purchased for more than $1 billion.
The amount paid by BP to take over X Convenience was undisclosed.
The news comes a decade after OTR acquired all of BP’s fuel outlets in South Australia. OTR’s former parent company, Peregrine Corporation, began when founder Fred Shahin purchased a BP service station at Woodville in the 1980s.
BP Australia president Frédéric Baudry said the deal would enable the company to tap into X Convenience’s local knowledge and convenience expertise.
“This is an exciting day for bp and X Convenience, as we look to bring together two amazing businesses,” Baudry said.
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“We look forward to completing this transaction, integrating a high-quality network and learning from the X Convenience team, leveraging offers that resonate so well with their customers.
“We’re making our commitment to South Australia clear, by investing in the expansion of our network throughout the state. Through X Convenience and our brilliant partners, bp will provide fuel, convenience and card offers to our South Australian and national fleet customers, as we have for decades.”
The purchase remains subject to customary approvals according to BP, which said the deal would expand its network nationally and support its strategy to double the number of convenience sites it owns between 2019 to 2030.
X Convenience director Steven Kosmidis said he was “excited for this next chapter of the business as bp continues to build the X Convenience network and delivering for our customers.”
