UAE Business: Adnoc Distribution to acquire 50% stake in TotalEnergies Egypt – Gulf Digital News

UAE Business: Adnoc Distribution to acquire 50% stake in TotalEnergies Egypt – Gulf Digital News

Adnoc Distribution, the UAE’s largest fuel distributor, has entered into an agreement with TotalEnergies Marketing Afrique SAS to acquire a 50% stake in TotalEnergies Marketing Egypt for $186 million, with an additional earn-out of up to $17.3 million.

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 retail market in Egypt.

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

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of Adnoc, and Chairman of Adnoc Distribution said: “This