JOHANNESBURG • Petroliam Nasional Bhd’s (Petronas) South African unit, Engen, and Vivo Energy Holding BV agreed to a deal worth as much as 3.5 billion rand (RM1.04 billion) to combine some of their African fuel-retail assets, according to people familiar with the matter.

The deal represents about 20% of Engen’s equity value, said the people, who asked not to be identified.

The talks have been concluded, they said.

Vivo Energy — which operates more than 1,800 gas stations across 15 African countries under the Royal Dutch Shell plc brand — will exchange some of its shares for stock in Engen Holdings Pte Ltd, the companies said in an emailed statement on Monday.

The transaction may involve a “cash element”, the firms said, without disclosing the value or terms of the deal. — Bloomberg