US-based World Fuel Services has signed an agreement to acquire Watson Petroleum for around £117m (($191m).
Watson Petroleum is a distributor of gasoline, diesel, heating oil, lubricants and other products and related services across England and Wales in UK.
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With expected 2013 revenue of $2.2bn, Watson Petroleum is one of the largest fuel distributors in the UK, according to World Fuel.
World Fuel Services president and CEO Michael Kasbar said: “Combined with our existing land business in the United Kingdom, this transaction will further solidify Watson’s position as one of the largest distributors of ground-based fuels in the United Kingdom and will provide a platform for further growth in the ground fuels space in the United Kingdom and elsewhere in Europe.”
Watson Petroleum managing director Tony Watson added: “Coupled with World Fuel’s solid financial foundation, this transaction will allow us to expand our product and service offerings and further grow our distribution network.”
The deal is expected to be completed within the next 90 days, subject to customary regulatory consents and closing conditions.
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By GlobalDataWatson Petroleum is headquartered in Brinkworth, England, and has around 670 employees.
