SAO PAULO, May 23 (Reuters) – Brazilian lubricant distributor Moove, owned by Cosan SA (CSAN3.SA), has agreed to purchase the most important U.S. lubricant distributor, PetroChoice Lubricants, for $479 million, the corporate mentioned in a securities submitting revealed Monday.
The acquisition will increase Moove’s annual income by 50%, to round 9 billion reais ($1.87 billion), Chief Executive Filipe Affonso Ferreira advised Reuters in an interview.
The firm produces and distributes lubricants below the Mobil model in South America and Europe, with one manufacturing unit in Brazil and one within the U.Okay.
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PetroChoice will add two factories within the United States and round 50 distribution facilities.
Moove had been in talks with PetroChoice’s proprietor, personal fairness agency Golden Gate Capital, for round a 12 months in regards to the acquisition, Ferreira added. The deal shall be paid in money and Moove will finance most of it.
Cosan SA has a 70% stake in Moove and personal fairness agency CVC Capital owns 30%.
($1 = 4.8124 reais)
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Reporting by Tatiana Bautzer; Editing by Aurora Ellis
Our Standards: The Thomson Reuters Trust Principles.
Brazil’s Cosan subsidiary Moove acquires U.S. PetroChoice Lubrication for $479 million & More Latest News Update
Brazil’s Cosan subsidiary Moove acquires U.S. PetroChoice Lubrication for $479 million & More Live News
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Brazil’s Cosan subsidiary Moove acquires U.S. PetroChoice Lubrication for $479 million & More News Today
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