The company had earlier signed a Memorandum of Understanding (MoU) with SIAL CVS Retailers Inc, and Japan-based FamilyMart Co Ltd, and Itochu Corp. SIAL currently owns 60 per cent of PFM, while FamilyMart and Itochu own 37.6 per cent and 2.4 per cent, respectively.
The deal will be subject to the approval of the Philippine Competition Commission. Financial details of the deal were not disclosed.
UBS AG Hong Kong Branch acted as financial adviser to the sellers in the transaction.
PFM is the official franchisee of the FamilyMart brand of convenience stores in the Philippines, with a current network of 67 company-owned and franchisee stores all over the country.
Phoenix Petroleum is a local listed oil company with 518 stations nationwide. The deal marks its entry into the fast-growing domestic convenience retail market.
In a statement, the company also said that the potential acquisition of PFM complements its retail fuel business.
“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Phoenix Petroleum president and CEO Dennis Uy.
Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products, including LPG and lubricants, and operation of oil depots and storage facilities.