ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt

ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt

ADNOC Distribution has entered into an agreement with TotalEnergies Marketing Afrique to acquire a 50 per cent stake in TotalEnergies Marketing Egypt for approximately $186m, with an additional earn-out of up to $17.3m (if certain conditions are met). TotalEnergies Egypt is among the top four fuel retail operators in Egypt. The acquisition is an important development that aims to boost ADNOC Distribution’s expansion plans. The partnership with TotalEnergies, a global multi-energy company with a strong brand and successful track record in Egypt, includes a diversified portfolio comprising 240 fuel retail stations, over 100 convenience stores, 250 plus lube changing stations, and car washes, as well as wholesale fuel, aviation fuel, and lubricant operations. The refurbishment of several service stations to full ADNOC branding is part of the deal, with certain future sites being constructed under the ADNOC brand. The acquisition is expected to be completed in Q1 2023 pending the fulfillment of certain conditions, including customary regulatory approvals. Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, MD and group CEO of ADNOC, and chairman of ADNOC Distribution said, “This acquisition marks a significant milestone in ADNOC Distribution’s international growth story. Egypt is the Arab world’s most populous