By Stephen Nakrosis

Chevron Corp. (CVX) on Wednesday said a subsidiary plans to acquire all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd in a deal valued at A$425 million.

Chevron Australia Downstream Pty Ltd signed a conditional share sale agreement with Puma Energy Asia Pacific B.V., Chevron said.

Puma Energy (Australia) and its subsidiaries' assets include a network of service stations in Australia, a commercial and industrial fuels business, and fuel distribution depots, among others, Chevron said.

"The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth," said Mark Nelson, Chevron's executive vice president for Downstream & Chemicals.

The deal is expected to close in the middle of next year.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 18, 2019 19:00 ET (00:00 GMT)

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