ADNOC Distribution acquires 50% of Total Energies in Egypt – Egypt Today

ADNOC Distribution acquires 50% of Total Energies in Egypt – Egypt Today

CAIRO - 28 July 2022: The UAE's ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, Thursday, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt. ADNOC Distribution clarified, in a press release, that it had signed an agreement with "Total Energy Marketing Afrique S.A.S." to acquire a 50 percent stake in Total Energy Marketing Egypt, with a value of approximately $186 million, in addition to an additional amount of up to $17.3 million, if certain conditions are met during the acquisition process. Established in 1998, Total Energy Egypt has a diversified business portfolio that includes 240 retail fuel stations, over 100 retail stores, more than 250 oil change stations, car wash centers, wholesale fuel, jet fuel and lubricant operations. Through the deal, ADNOC Distribution and Total Energies will develop the future growth opportunities for Total Energies Egypt by taking advantage of the available capabilities and exploring aspects of fruitful cooperation in the field of fuel and lubricant distribution and aviation business, enhanced by economic growth in the wake of the recovery from the repercussions of the COVID-19 pandemic.. The acquisition also includes the renovation of a number of service