Key facts
- Bangchak Corporation is acquiring Caltex's operations in Hong Kong and Macau.
- The transaction is valued at HK$2.1 billion.
- The acquired assets include petrol stations and fuel businesses.
- This move signifies Bangchak's expansion into the North Asian market.
Thailand's Bangchak Corporation is expanding its presence in North Asia through the acquisition of Caltex's petrol stations and related fuel businesses in Hong Kong and Macau. The deal is valued at HK$2.1 billion, which is approximately $269 million.
This strategic move allows Bangchak to enter new markets and grow its regional footprint in the energy sector. The acquisition is expected to be completed in the second half of 2024, subject to regulatory approvals.