In October last year, Valvoline was in talks of separating its retail and global products businesses as the oil manufacturer aimed to be a pure-play automotive service provider
Saudi oil giant Aramco has acquired US-based Valvoline Inc global products business (Valvoline Global Products or VGP) for $2.69 billion, as the automotive oil manufacturer focuses on its retail services business, it announced on Monday.
The transaction is subject to certain customary adjustments set forth in the equity purchase agreement, the statement said.
Kentucky-based Valvoline is a producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals.