The Australian Competition and Consumer Commission conditionally cleared Viva Energy's (ASX:VEA) proposed acquisition of the remaining 50% of fuel retailer and convenience store operator LOC Global from joint venture partner New World Corporation, subject to divestments, the regulator said in a statement Thursday.

LOC owns and operates around 100 Liberty-branded fuel retail and convenience stores. Viva Energy already owns a chain of retail fuel and convenience stores separate from LOC which includes Coles Express/Reddy Express with overlaps in certain locations, the regulator said.

The undertaking will see Viva Energy divest 14 stores to Solo Oil, New World Corporation's newly formed subsidiary that will operate the retail sites. An additional 13 stores not part of the acquisition will also be operated by Solo Oil.

"Without the divestiture, the ACCC was concerned the proposed acquisition could increase prices and reduce service offering, particularly in Adelaide and in certain local areas in Darwin, regional Queensland, and regional Victoria," said ACCC Commissioner Philip Williams.

In a separate Australian bourse filing, Viva Energy said that following the divestment, it will acquire a total of 88 active Liberty Convenience sites and 10 sites in the pipeline.

The acquisition is scheduled for completion in the first quarter of 2025, subject to the Foreign Investment Review Board's approval.

Viva Energy's shares were up more than 2% in recent Thursday trade.

Price (AUD): $2.68, Change: $+0.06, Percent Change: +2.29%