Saudi Aramco announced that it will be buying US-based Valvoline’s global products business for $2.65bn, with an equity purchase agreement in place. Valvoline Global Products (VGP) is a independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals. The strategic acquisition is expected to complement Aramco’s premium branded lubricant products, optimize its global base oils production capabilities and expand R&D activities and partnerships with OEMs. Post the deal, Valvoline will be focusing on its its retail services business.

Saudi Aramco’s 2.875% 2024s were up 0.12 points to 98.80, yielding 3.61%.

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