Adnoc Distribution to buy 50% stake in TotalEnergies Egypt marking its largest investment – The National

Adnoc Distribution to buy 50% stake in TotalEnergies Egypt marking its largest investment – The National

Adnoc Distribution, the UAE’s largest fuel and retail distributor, will acquire a 50 per cent stake in TotalEnergies Marketing Egypt for approximately $186 million as part of its global expansion plans.

Under the agreement signed with TotalEnergies Marketing Afrique, Adnoc Distribution also has the provision for additional earn-out of up to $17.3m if certain conditions are satisfied.

The overall deal marks the Abu Dhabi company's largest investment to date, it said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.