Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) signed an equity purchase agreement to acquire Valvoline Inc.'s global products business, Valvoline Global Products (VGP), for $2.65 billion.

Valvoline Global Products is a leading worldwide independent producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals, according to a press release on Monday.

Commenting on the deal, Aramco Senior Vice President of Downstream, Mohammed Y. Al Qahtani, said: “Valvoline’s global products business fits perfectly with Aramco’s growth strategy for lubricants as it will leverage our global base oils production, contribute to our R&D capabilities and strengthen our existing relationships with OEMs.”

Moreover, Valvoline CEO, Sam Mitchell, said: “The sale of Global Products represents the successful outcome of our strategy to unlock the full, long-term value of our strong but differentiated Retail Services and Global Products businesses.”

It is worth pinpointing that completion of the transaction will be subject to customary closing conditions, including the receipt of regulatory approvals.