Global law firm Clifford Chance has advised Australian energy company Viva Energy on the successful ACCC merger clearance for its acquisition of the remaining 50% interest in LOC Global Pty Ltd (Liberty Convenience) from New World Corporation (NWC), representing the largest transaction in the Australian fuel and convenience sector this year.
Counsel Mark Grime and partner Elizabeth Richmond led the antitrust strategy and advice, with support from senior associate Sam Frouhar and graduate lawyer Nicholas Tzortzis.
Mark said, “We are thrilled to have advised Viva Energy on another transformational acquisition. This is the third significant ACCC merger clearance that Clifford Chance has assisted Viva Energy obtain in as many years and represents an outstanding commercial outcome for the business. It is the culmination of the hard work, strategic insight and deep sector expertise of our team and demonstrates our ability to handle the most complex of merger control mandates.”
Viva Energy and Liberty Convenience successfully secured a positive decision from the ACCC by proposing a ‘fix-it-first’ remedy to address ACCC concerns, which involves the divestment of 14 retail fuel and convenience sites across South Australia, Victoria, Queensland, and the Northern Territory to Solo Oil Corporation (Solo), a new subsidiary of NWC. With this proactive measure, the ACCC “considers the proposed acquisition is not likely to have the effect of substantially lessening competition in any market.”
Liberty Convenience, a joint venture between Viva Energy and NWC, was established in December 2019, leveraging the retail assets of Liberty Oil Holdings Pty Ltd. With over 100 retail fuel and convenience sites across most states and territories in Australia, this transaction will expand Viva Energy’s retail fuel and convenience business nationwide. It will also facilitate further investment in the Liberty brand, enhancing the customer experience associated with Liberty Convenience.
The landmark transaction builds on the firm’s role on Viva Energy’s successful AU$1.15 billion acquisition of fuel and convenience retailer OTR Group and Viva Energy’s acquisition of the Coles Express retail fuel and convenience business from Coles Group, both of which also received ACCC merger clearance.
