Saudi Aramco, the energy giant, has acquired Valvoline Inc., a US-based oil company, for $2.65 billion
The share purchase agreement was signed on August 1, 2022, and the deal aims to establish Saudi Aramco as a top-tier integrated brand in the lubricants industry globally, according to the Saudi Press Agency.
While Valvoline will retain its name in relation to its retail services business, Saudi Aramco will own the brand for its product business.
The two companies plan to collaborate to promote Valvoline's 150-year-old brand around the world.
Valvoline Global Operations, headquartered in Lexington, Kentucky, will continue to offer innovative automotive and industrial solutions and outstanding services to its partners worldwide..