Adnoc Distribution to acquire 50% stake in TotalEnergies

Adnoc Distribution to acquire 50% stake in TotalEnergies

Adnoc Distribution, the UAE’s largest fuel and retail distributor, has announced it has entered into an agreement with TotalEnergies Marketing Afrique SAS to acquire a 50% stake in TotalEnergies Marketing Egypt (TotalEnergies Egypt) for approximately $186 million, with an additional earn-out of up to $17.3 million (if certain conditions are satisfied) (the Acquisition). Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in Egypt. The Acquisition marks another important milestone in delivery of Adnoc Distribution’s expansion plans. The partnership with TotalEnergies, a leading global multi-energy company with a strong brand and successful track record in Egypt, includes a diversified portfolio comprising 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes, as well as wholesale fuel, aviation fuel, and lubricant operations. Through this deal, Adnoc Distribution and TotalEnergies will develop future growth opportunities of TotalEnergies Egypt through unlocking value potential and exploring beneficial synergies in fuel distribution, lubricants and aviation businesses driven by economic growth and post COVID recovery. 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