Australia's Viva Energy spends $777 mln on convenience store deal

Logo of refiner and fuel distributor Viva Energy, is pictured in Corio, Victoria, Australia, June 28, 2020. REUTERS/Sonali PaulCompany aims to own more than 1,000 storesshares shot to a record high on Wednesday after it said it would pay A$1.15 billion for a convenience store chain, as a strong start to 2023 for corporate deals continues Down Under.

Viva, the country's largest oil refiner which also operates fuel stations, said it would buy the On the Run network of stores, continuing a push to expand its convenience store network and adapt to the shift toward electric vehicles. "As our stores increasingly become retail destinations, we expect convenience earnings will grow and reduce our dependency on traditional fuels," CEO Scott Wyatt said in a statement.Viva's purchase continues a strong run of takeovers in Australia, a hot spot for deals compared to the rest of the Asia Pacific region where corporate activity remains subdued.

There were $36.5 billion worth of announced deals in the first quarter, up 3.5% compared to the same time last year, according to Refinitiv data.

Convenience stores in Australia suck. They need to learn about the joys of Wawa

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