ADNOC Distribution to acquire a 50% stake in TotalEnergies’ fuel retail, aviation and lubricants business in Egypt

ADNOC Distribution to acquire a 50% stake in TotalEnergies’ fuel retail, aviation and lubricants business in Egypt

- Delivering on its commitment to pursue attractive international growth, ADNOC Distribution signs an agreement to acquire a stake in a significant portfolio, which includes 240 fuel retail stations, wholesale fuel, aviation fuel and lubricants operations

- The acquisition will accelerate ADNOC Distribution’s international growth following regional expansion in the Kingdom of Saudi Arabia in 2018

Cairo, Egypt: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and retail distributor, has today announced it has entered into an agreement with TotalEnergies Marketing Afrique SAS to acquire a 50% stake in TotalEnergies Marketing Egypt LLC (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