Oil giant Saudi Aramco said on Monday it has agreed to acquire Nasdaq-listed Valvoline Inc.'s global products unit for $2.65 billion.

Valvoline Global Products sells lubricants and automotive chemicals, the Saudi Stock Exchange (Tadawul)-listed Aramco said in a statement.

Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said Valvoline’s global products business fits perfectly with Aramco’s growth strategy for lubricants "as it will leverage our global base oils production, contribute to our R&D capabilities and strengthen our existing relationships with OEMs".

The transaction is subject to certain customary adjustments set forth in the equity purchase agreement, Aramco said.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@lseg.com