Caltex completes Milemaker acquisition

Caltex finalises its Milemaker Petroleum service stations acquisition, part of a plan to mitigate losses after its partnership with Woolworths ends.

Caltex has completed its takeover of Milemaker Petroleum's retail fuel business assets in Victoria that it hopes will help mitigate the impact of losing its partnership with Woolworths.

The $95 million deal, that covers 46 Milemaker service stations in Melbourne, was completed after getting Australian Competition and Consumer Commission (ACCC) approval earlier in May.

Caltex will enter into long-term leases for each of the sites with options out to 30 years.

The fuel retailer lost its 13-year alliance with Woolworths when oil and gas multinational BP struck a $1.79 billion deal with the supermarket giant last December.

Caltex chief executive Julian Segal told the company's annual general meeting in early May that the Milemaker acquisition, and its Gull New Zealand takeover, was part of its plan to mitigate losses from the Woolworths decision and its transformation from being just a transport fuels provider to being a larger convenience retail offering.

Caltex shares were up 17 cents, or 0.53 per cent, to $32.42 on the Australian Securities Exchange at 1020 AEST.