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ACCC Approves 7-Eleven Acquisition of Mobil Retail Fuels Business
7-Eleven Stores Pty Ltd is pleased to announce it has been informed by the Australian Competition and Consumer Commission (ACCC) that it is free to continue its integration of Mobil Oil Australia Pty Ltd’s retail fuels business, following a comprehensive review of the acquisition.
The acquisition, which comprises 295 company-owned or leased service stations, has been cleared on an undertaking of the divestment of three stores.
In addition to the compulsory divestment, the acquisition includes 29 stores in South Australia where 7-Eleven does not currently operate. These stores and assets will be transferred to the Peregrine Corporation, a family-owned business that has operated in Australia for 26 years.
7-Eleven Chief Executive Officer, Warren Wilmot welcomed the decision from the ACCC, saying the acquisition would allow 7-Eleven continue to build on its existing position as the leader in convenience retailing in Australia, and provide some certainty to the management and employees of the stores involved.
“We are very pleased to be able to move forward with this acquisition for 7-Eleven. We will now grow in Australia from 400 stores to more than 650, serving more than 160 million customers each year.
“While we would prefer not to divest stores, we will abide by the ACCC’s decision, which has been arrived at with professionalism and diligence,” Wilmot said.