8-K
filed March 1, 2023, 6:59 PM ET
ticker VVV
CIK 0001674910
M&A
confidence high
sentiment positive
materiality 0.90
VALVOLINE INC (VVV): M&A transaction — Valvoline completes $2.65B sale of Global Products to Aramco; announces $1.6B buyback
VALVOLINE INC
- Sale of Global Products to Aramco closed March 1, 2023; purchase price $2.65B cash subject to adjustments.
- Valvoline becomes pure-play automotive services company; plans $1.6B share repurchase within 18 months.
- Three executives (Muashsher, Gerrald, Ryan) resigned to join VGP; Dione Sturgeon appointed CAO.
- Valvoline retains Valvoline brand for retail services; enters supply agreement with VGP for lubricants.
- Net after-tax proceeds to be used for buyback, debt reduction, and growth investments.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jamal K. Muashsher resigned as Senior Vice President and President, Global Products at VALVOLINE INC.
- Action
- resigned
- Role
- Senior Vice President and President, Global Products
Exact text from the filing
On March 1, 2023, Jamal K. Muashsher, Valvoline’s Senior Vice President and President, Global Products; Thomas A. Gerrald II, Valvoline’s Senior Vice President and Chief Supply Chain Officer; and Michael S. Ryan, Valvoline’s Chief Accounting Officer, each resigned as executive officers of Valvoline to assume roles with VGP in connection with the Transaction.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dione R. Sturgeon was appointed as Chief Accounting Officer and Controller at VALVOLINE INC.
- Action
- appointed
- Role
- Chief Accounting Officer and Controller
Exact text from the filing
Effective March 1, 2023, the Board of Directors of Valvoline appointed Dione R. Sturgeon, age 45, as Chief Accounting Officer and Controller of Valvoline.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael S. Ryan resigned as Chief Accounting Officer at VALVOLINE INC.
- Action
- resigned
- Role
- Chief Accounting Officer
Exact text from the filing
On March 1, 2023, Jamal K. Muashsher, Valvoline’s Senior Vice President and President, Global Products; Thomas A. Gerrald II, Valvoline’s Senior Vice President and Chief Supply Chain Officer; and Michael S. Ryan, Valvoline’s Chief Accounting Officer, each resigned as executive officers of Valvoline to assume roles with VGP in connection with the Transaction.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas A. Gerrald II resigned as Senior Vice President and Chief Supply Chain Officer at VALVOLINE INC.
- Action
- resigned
- Role
- Senior Vice President and Chief Supply Chain Officer
Exact text from the filing
On March 1, 2023, Jamal K. Muashsher, Valvoline’s Senior Vice President and President, Global Products; Thomas A. Gerrald II, Valvoline’s Senior Vice President and Chief Supply Chain Officer; and Michael S. Ryan, Valvoline’s Chief Accounting Officer, each resigned as executive officers of Valvoline to assume roles with VGP in connection with the Transaction.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.99
VALVOLINE INC completed a disposition involving Gateway Velocity Holding Corp. for $2.65 billion in cash (closed 2023-03-01).
- Action
- disposition
- Counterparty
- Gateway Velocity Holding Corp.
- Consideration
- $2.65 billion in cash
- Closing
- 2023-03-01
Exact text from the filing
On March 1, 2023, Valvoline completed the Transaction. The purchase price is $2.65 billion in cash, subject to certain customary adjustments as set forth in the Purchase Agreement.
View on SEC.gov
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