May 26, 2022 - Economy & Business

Saudi Aramco reportedly wants Valvoline's lubricants unit

Illustration of an oily dollar sign with the oil sloughing off to reveal a green dollar sign.

Illustration: Brendan Lynch/Axios

Saudi Aramco has approached Valvoline about buying its lubricants business, as first reported by The Wall Street Journal. The unit generates around 60% of revenue for Valvoline, which has a $6 billion market cap.

Why it matters: This is the latest example of the world's most valuable oil company, which doubles as a geopolitical power, seeking to diversify. And, were a deal struck, it would enable Valvoline to achieve its announced goal of separating its products business from its retail services business.

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