- Canadian convenience store operator Nutrition Couche Tard ANTCF has signed agreements on Total Energies SE TTE Retail networks in four European countries.
- The proposed acquisition would include 100% of TotalEnergies’ retail assets in Germany and the Netherlands and a 60% majority stake in the Belgian and Luxembourg companies.
- The planned transaction, based on an enterprise value of EUR 3.1 billion, includes the gas station networks and the B2B fuel card business.
- The deal includes 2,193 locations in Germany, Belgium, the Netherlands and Luxembourg.
- In Belgium and Luxembourg, TotalEnergies and Couche-Tard will create a 40:60 joint venture that will own and operate 619 service stations.
- In Germany and the Netherlands, TotalEnergies will sell 100% of its networks to Couche-Tard, including 1,198 stations in Germany and 392 in the Netherlands.
- TotalEnergies will maintain its activities related to the stationary charging of electric vehicles, the retail and wholesale business of hydrogen and the AS 24 filling station network for trucks.
- For calendar year 2022, the EBITDA for the companies affected by this proposed transaction was EUR 500 million.
- This agreement supports TotalEnergies’ goal of becoming a multi-energy company and its vision to help society achieve net zero by 2050.
- The transaction is expected to close by the end of 2023.
- Diet Couche-Tard has Access to $3.7 billion on its available cash and working credit facility as of January 29, 2023.
- Price promotion: TTE shares are trading down 1.15% premarket on Thursday at $56.69.
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