Egypt

ADNOC acquires a 50% stake in TotalEnergies Egypt for approx. $200mn

Published on : 2022-08-01

ADNOC Distribution has entered into an agreement with TotalEnergies Marketing Afrique SAS to acquire a 50% stake in TotalEnergies Marketing Egypt LLC (TotalEnergies Egypt) for approximately $186mn, with an additional earn-out of up to $17.3mn, if certain conditions are satisfied, the UAE’s state-owned oil and gas distributed said in a statement.

The partnership between TotalEnergies Egypt and ADNOC Distribution follows the strategic agreement signed by both companies on the occasion of the state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, in Paris.

ADNOC Distribution’s acquisition is expected to be completed in Q1 2023

Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The contemplated partnership includes a portfolio comprising 240 fuel retail stations, as well as wholesale fuel activities, an aviation fuel business, and lubricants sales.

Through this deal, ADNOC Distribution and TotalEnergies will develop future growth opportunities for TotalEnergies Egypt by unlocking value potential and exploring beneficial synergies in fuel distribution, lubricants and aviation businesses driven by economic growth and post COVID recovery, ADNOC Distribution added. The acquisition will also see the refurbishment of several service stations to full ADNOC branding, with certain future sites being constructed under the ADNOC brand, offering a robust foothold in a fast-growing fuel retail market in Egypt.

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