The Clap
The Saudi Arabian Oil Company “Aramco” (2222) announced that it acquired Valvoline Global Products for $2.65 billion.
The unit is owned by the publicly-traded American company Valvoline.
The Deets
After the acquisition is completed, which is expected to occur by the end of this year or early next year, Valvoline will own the all-purpose retail services brand globally. Aramco will acquire the Valvoline brand, which includes the use of its products worldwide.
This is with the exception of China, and certain countries in the Middle East and North Africa.
Why this Matters
Aramco clarified in a statement that it will benefit from Valvoline’s strong manufacturing and distribution network.
It also cited the close partnership between Valvoline’s employees and management, and the brand’s global brand reputation of 150 years.
