World Fuel Services has agreed to acquire Eden Prairie, Minn.-based Western Petroleum, including its branded aviation fuel distribution business, for $95 million. The $95 million purchase price could be increased by up to $20 million if Western’s net assets exceed an agreed target at completion of the deal, which is expected this month.
World Fuel Services on Monday announced an agreement to acquire Eden Prairie, Minn.-based Western Petroleum, including its branded aviation fuel distribution business, for $95 million.
Chevron Global Aviation, which operates five oil refineries, “will withdraw from marketing Chevron- and Texaco-branded aviation fuels in 27 states [approximately 200 locations],” the company said in a statement issued last week.
The Hiller Group is rebranding FBOs in 12 central states as Phillips 66 fuel dealers under a new agreement with Conoco-Phillips. Hiller was distributing Chevron fuel in that region, but Chevron Global Aviation and Hiller “mutually agreed to discontinue Chevron’s supply in this region,” according to Chevron.
Avfuel Corp., a leading independent supplier of aviation fuels and services, has entered into an agreement with Texaco to purchase its general aviation business in California, Alaska, Washington, Idaho, Nevada, Oregon, Utah, Arizona, Louisiana, Mississippi, Alabama, Georgia, Florida and Tennessee. The divestiture is one of the Federal Trade Commission requirements that will allow for the merger of Chevron and Texaco.