TotalEnergies accepts Couche-Tard’s European acquisiton

The €3.1 billion transaction has been accepted by the French firm’s employee representative bodies and is now subject to be approved by European regulatory authorities.

Alimentation Couche-Tard announced that TotalEnergies has accepted the firm's offer to acquire certain European retail assets from the mobility company. The purchase was announced earlier this year as the French firm confirmed it will focus on the transition of the energy market.

Following completion of the information and consultation process involving TotalEnergies employee representative bodies at European level in Belgium, the Netherlands and Luxembourg, TotalEnergies has accepted Couche-Tard's offer and will now enter into definitive agreements to effect the transaction.

This transaction remains subject to the approval of relevant European regulatory authorities and closing continues on track to occur before the end of 2023.

The financial terms and conditions announced previously remain unchanged, whereby Couche-Tard would acquire 100% of TotalEnergies retail assets in Germany and the Netherlands for approximately €3.1 billion. This also includes 60% controlling interest in the Belgium and Luxembourg entities.

All service stations will remain under the TotalEnergies brand while the fuel is supplied by them, with a minimum period of five years. The French player will still own off-station EV charging, hydrogen retail and wholesale fuel business, as well as the AS 24 service station network for trucks.