G+T guides Peregrine Corporation on $1.15bn sale of OTR Group to Viva Energy

The deal facilitates the emergence of a new competitor of scale in the national retail market

G+T guides Peregrine Corporation on $1.15bn sale of OTR Group to Viva Energy

Gilbert + Tobin (G+T) has guided Peregrine Corporation in the $1.15bn divestiture of OTR Group to Viva Energy Group Limited.

The transaction facilitates the emergence of a new competitor of scale in the national retail market. The restructure allows Peregrine Corporation to divest the OTR Group while maintaining existing debt facilities, which will support the ongoing and future projects of the retained OTR Properties Group.

The launch of a national convenience retail network also enhances operational efficiencies, broadens market reach and generates synergies creating long-term value. Viva Energy also benefits from high-quality non-fuel earnings and possibilities for growth.

The deal involved regulatory challenges and complex structuring considerations, as well as coordinating stakeholders with conflicting interests. G+T’s team provided advice across all facets of the transaction, including a major pre-completion restructure and separation and conditional clearance from the ACCC. The team also tackled the property and debt financing aspects of the transaction.

Corporate advisory partner Hiroshi Narushima headed up the firm’s team and worked alongside the following:

Partners

  • Elizabeth Avery and Jeremy Jose (competition, consumer and market regulation)
  • Spiro Papadolias (banking and projects)
  • Amanda Hempel (real estate and projects)

Special counsel

  • Jo Bayes (real estate and projects)

Lawyers

  • Yuka Nagata and Abi Vaseeharan (banking and projects)
  • Radha Rathi, Neeharika Maddula and Brittany Baker (competition, consumer and market regulation)
  • Sara Ayoub, Natasha Henricus, Sherry Chen and Michael Liu (real estate and projects)
  • Naomi Kora (corporate advisory)

Graduates and paralegals

  • Julia Tran (banking and projects)
  • Julie Sauvan-Shea (real estate and projects)

“The growth of Peregrine Corporation and the OTR Group is one of the great Australian immigrant success stories of growing one petrol station site into a network of over 200 under the leadership of the family’s next generation. We saw firsthand the dedication of the Peregrine team in executing this significant and landmark transaction for one of Australia’s most successful family-run businesses”, Narushima said. “It has been our privilege to work with the OTR team over the years and we look forward to seeing the OTR brand grow on a national scale”.

Viva Energy operates an extensive network of fuel and service stations across the country, including the Coles Express brand. As of the end of 2023, OTR Group managed 226 retail locations, comprising 195 combined fuel and convenience outlets and 31 stand-alone stores.

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