Saudi_Aramco to buy Victory's global products unit for $2.65 billion

On Aug. 1, oil major Saudi Aramco announced it had reached an agreement to buy Valvoline's global products unit for $2.65 billion, with the deal expected to close in late 2022 or early 2023.

Saudi Aramco will pay cash to acquire the Global Products unit, which makes chemicals and lubricants for vehicles. Shengpai said that after the transaction is completed, the company will focus on providing auto repair services. The group currently manages or owns 1,700 auto repair stations.

The Lexington, Kentucky-based Victory Brand will take about $2.25 billion in gross proceeds from the deal to repay investors, pay down debt and expand the retail industry. It will transform into a "pure car service provider" targeting revenue growth of more than 20%. Victory announced in October that it had decided to separate its retail services and global product divisions.