Phoenix Petroleum Philippines Inc., a company led by businessman Dennis Uy, said Thursday it completed the acquisition of the entire shares of SIAL CVS Retailers Inc., FamilyMart Co. Ltd. and Itochu Corp. in Philippine FamilyMart CVS Inc.
“A new exclusive area franchise agreement of the Family Mart branch of convenience store in the Philippines was granted to Philippine FamilyMart CVS Inc. under the management of the company,” Phoenix said in a disclosure to the stock exchange.
The Philippine Competition Commission approved the transaction on Jan. 3.
Phoenix is a publicly-listed corporation that trades petroleum products on the wholesale and retail basis and operates gas stations, oil depots, storage facilities and allied services. The ultimate parent of Phoenix is Udenna Corp.
Philippine FamilyMart is a domestic corporation engaged in the business of operating convenience stores under the trademark “Family Mart.”
Phoenix earlier said the potential acquisition of PFM would complement its retail fuel business, with 518 stations nationwide, and marked its entry into the fast-growing domestic convenience retail market. The value of the transaction was not disclosed.
The Mergers and Acquisitions Office of PCC found that the transaction would not result in substantial lessening of competition in the relevant market.
The PCC said there was no ability or incentive for the firms to engage in foreclosure after the acquisition. The antitrust commission also said there were sufficient competitive constraints from other players in the same market after the transaction.
The PCC approved Phoenix’s acquisition of the liquefied petroleum gas business of Petronas Energy Philippines Inc. last year.