Last October, Phoenix Petroleum Philippines Inc signed an agreement to acquire the entire share holdings of FamilyMart Philippines. The deal has now been approved by the Philippines Competition Commission (PCC), reporting that the transaction "does not result in substantial lessening of competition in the relevant market.”
Phoenix to wholly own FamilyMart
Phoenix Petroleum Philippines Inc, owned by Dennis Uy, will wholly own FamilyMart as it takes over from its previous owners SIAL CVS Retailers Inc (joint venture between Ayala Land, the Rustan's group, Japan's FamilyMart Co and Itochu Corporation). Financial details of the deal have yet to be disclosed, but the PCC review deals valued at P1 bn and above.
Potential to expand in a different direction
The acquisition of 67 FamilyMart stores appears to be a strategic decision to help Phoenix expand on its existing products and services, as well as offering convenience to customers from a well-known international brand. FamilyMart now has the potential to expand in a different direction, by complementing Phoenix's retail fuel business (over 500 stations nationwide). The deal will also help to fuel store network expansion, with the aim to reach 300 FamilyMart stores across the nation in the next five years.
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