Aramco completed the acquisition of global products business from Valvoline for $2.65bn.

Aramco, a petroleum and natural gas company, completed the acquisition of the global products business from Valvoline, a distributor of automotive oil, additives, and lubricants, for $2.65bn. "It is a historic day for our 157-year-old brand. With the sale of the global products business to Aramco, each business can now better focus on future growth. Today, Valvoline Inc. becomes a pure-play, automotive services company with a right-sized capital structure and enhanced capital allocation. Additionally, Valvoline Inc. expects to offer significant capital returns to our shareholders through equity buybacks over the next 18 months. All this combined allows us to focus our efforts on and further strengthen our brand as a premier auto after-market services provider," Sam Mitchell, Valvoline CEO.