The Australian Competition and Consumer Commission (ACCC) has approved (12 December) Viva Energy’s acquisition of the remaining 50% interest in LOC Global, subject to divestiture of 14 retail fuel and convenience sites.
The acquisition, valued as a significant merger in the fuel sector, includes LOC’s operations across over 100 Liberty-branded sites nationwide.
To address competition concerns, particularly in retail fuel supply across Adelaide, Darwin, and regional areas, Viva Energy agreed to divest 14 sites to Solo Oil Corporation, a subsidiary of New World Corporation (NWC). These sites, located in South Australia, Victoria, Northern Territory, and Queensland, will establish Solo as an independent competitor.
“Without the divestiture, there was a risk of higher prices and reduced service offerings in some markets,” ACCC Commissioner Dr. Philip Williams stated. Viva Energy initially proposed divesting 12 sites but expanded this to 14 in response to ACCC feedback.
With the divestment measures in place, the ACCC concluded the acquisition would not substantially lessen competition in any market. Viva Energy will proceed with acquiring 88 active and 10 planned LOC retail sites, expanding its nationwide fuel network.
