TotalEnergies closes retail networks sale to Alimentation Couche-Tard
Published on: Jan 4, 2024
The company has sold its entire service station businesses in Germany and the Netherlands and will form a joint venture to operate its locations in Belgium and Luxembourg.
TotalEnergies has completed the implementation of the agreements signed in March 2023 with Alimentation Couche-Tard for the sale of several fuel retail networks across Europe.
The transaction, based on an enterprise value of €3.1 billion (equivalent to more than 15 years of net cash flow on a post-tax basis), was finalized in two steps. First on December 28th, 2023, with the transaction related to the network in Germany and on January 3rd, 2024, with the transactions related to the networks in the Netherlands, Luxembourg, and Belgium.
TotalEnergies received a total cash consideration after adjustments and before tax of €3.4 billion.
As announced, the company has sold 100% of its networks to Couche-Tard in Germany and the Netherlands, while also forming a joint venture for its operations in Belgium and Luxembourg. The French firm will have 40% ownership of this venture while the Canadian company will hold 60%.
TotalEnergies will continue to supply fuel to the service stations in these four countries for at least five years, notably from its refineries in Antwerp (Belgium) and Leuna (Germany).
