Phoenix Petroleum completes acquisition of FamilyMart

Phoenix Petroleum Philippines Inc. said Thursday it has completed the acquisition of Philippine FamilyMart CVS Inc., the franchise holder of the Japanese convenience store.

The transaction covers the acquisition of 100 percent shares in Philippine Family Mart from SIAL CVS Retailers Inc., FamilyMart Co. Ltd., and ITOCHU Corp., Phoenix Petroleum assistant vice president Socorro Cabreros said in a regulatory filing.

SIAL CVS owned 60 percent of Philippine FamilyMart while Japan’s FamilyMart Co. Ltd. and ITOCHU Corp. owned 37.6 and 2.4 percent, respectively.

SIAL CVS is a 50-50 joint venture between Ayala Land Inc. subsidiary ALI Capital Corp. and SSI Group Inc. of the Tantoco group.

“A new exclusive area franchise agreement of the FamilyMart brand of convenience store in the Philippines was granted to Philippine FamilyMart CVS Inc. under the management of the company,” Phoenix Petroleum said.

The transaction was concluded a week after the Philippine Competition Commission (PCC) approved the deal on Jan. 3.

The transaction was announced in October last year when parties signed a memorandum of understanding regarding the acquisition deal.

While the transaction value was not disclosed, it was reviewed and approved by the antitrust commission which has been mandated to review business deals valued at P1 billion and higher. — Ted Cordero/VDS, GMA Mews