Couche-Tard Lands Deal To Buy Certain European Assets Of TotalEnergies For €3.1B

  • Canadian convenience store operator Alimentation Couche-Tard ANTCF has signed agreements covering TotalEnergies SE's TTE retail networks in four European countries.
  • The proposed acquisition would comprise 100% of TotalEnergies retail assets in Germany and the Netherlands and a 60% controlling interest in the Belgium and Luxembourg entities.
  • The planned transaction, based on an enterprise value of €3.1 billion, covers the service station networks and the B2B fuel card activities.
  • The deal includes 2,193 sites located in Germany, Belgium, Netherlands and Luxemburg.
  • In Belgium and Luxembourg, TotalEnergies and Couche-Tard will form a 40-60 joint venture, owning and operating 619 service stations.
  • In Germany and the Netherlands, TotalEnergies will sell 100% of its networks to Couche-Tard, including 1,198 service stations in Germany and 392 in the Netherlands.
  • TotalEnergies will retain its activities related to off-station electric vehicle charging, hydrogen retail and wholesale fuel business, and the AS 24 service station network for trucks.
  • For calendar 2022, EBITDA was €500 million for the entities covered by this proposed transaction.
  • This deal supports TotalEnergies' goal of being a multi-energy corporation and its vision to help society achieve net zero by 2050.
  • The transaction is expected to close by the end of 2023.
  • Alimentation Couche-Tard has access to $3.7 billion through its available cash and operating credit facility as of January 29, 2023.
  • Price Action: TTE shares are trading lower by 1.15% at $56.69 in premarket on Thursday.
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