PARIS, FRANCE: TotalEnergies, a global multi-energy company, announced today that it has completed the sale of its retail networks in Germany, the Netherlands, Belgium and Luxembourg to Alimentation Couche-Tard, a Canadian convenience store operator.
The deal, which was signed in March 2023, was based on an enterprise value of €3.1 billion (equivalent to more than 15 years of net cash flow on a post-tax basis). TotalEnergies received a total cash consideration after adjustments and before tax of €3.4 billion (approximately $3.8 billion, including approximately $2.4 billion in December 2023).
The transaction involved different arrangements for each country:
- In Germany and the Netherlands, TotalEnergies sold 100% of its networks to Couche-Tard.
- In Belgium and Luxembourg, TotalEnergies and Couche-Tard formed a joint venture (TotalEnergies 40%, Couche-Tard 60%).
TotalEnergies will continue to supply fuel to the service stations in these four countries for at least five years, notably from its refineries in Antwerp (Belgium) and Leuna (Germany).
The deal is part of TotalEnergies’ strategy to optimize its portfolio and focus on its core businesses of oil and biofuels, natural gas and green gases, renewables and electricity. TotalEnergies has more than 100,000 employees and operates in nearly 130 countries.
The company is committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as many people as possible. TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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