Energy giant Saudi Aramco has bought US-based oil firm Valvoline Inc for $2.65 billion.
Under this deal, which comes after the two companies signed the share purchase agreement on Aug. 1, 2022, Saudi Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants, according to the Saudi Press Agency.
Saudi Aramco will own the brand in connection with its product business, while Valvoline will keep its name in connection with its retail services business.
Saudi Aramco and Valvoline plan to work together to further spread the 150-year-old company’s brand globally.
Headquartered in Lexington, Kentucky, Valvoline Global Operations will continue to be a global leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the world, added SPA.