ADNOC Distribution to Acquire 50% Stake in ‘TotalEnergies Egypt’

ADNOC Distribution to Acquire 50% Stake in ‘TotalEnergies Egypt’

Abu Dhabi National Oil Company (ADNOC) Distribution agreed with "TotalEnergies Marketing Afrique SAS" to acquire a 50 percent stake in TotalEnergies Egypt for about $186 million, with an additional earn-out of up to $17.3 million.

TotalEnergies Egypt was established in 1998 and is a leading global multi-energy company with a strong brand and successful track record.

The partnership with TotalEnergies includes a diversified portfolio comprising 240 retail fuel stations, over 100 convenience stores, more than 250 lube changing stations, car washes, wholesale fuel, aviation fuel, and lubricant operations.

Through this deal, ADNOC Distribution and TotalEnergies will develop future growth opportunities for 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 complete ADNOC branding, with specific future sites being constructed under the ADNOC brand, offering a robust foothold in Egypt's fast-growing fuel retail market.

The deal is expected to be completed in Q1 2023, pending satisfaction with certain conditions, including customary regulatory approvals.

Minister of Industry and Advanced Technology and Managing Director Sultan bin Ahmed al-Jaber described the acquisition as a "significant milestone in ADNOC Distribution's international growth story."

Jaber