TotalEnergies completes sale of its retail networks in Germany and Netherlands

TotalEnergies has announced the completion of the agreements it signed in March last year with Canadian company Alimentation Couche-Tard (Couche-Tard). The deals concern the sale of TotalEnergies' networks in Germany and the Netherlands, as well as a 60% share in TotalEnergies' Belgium and Luxembourg networks.

The transaction, based on an enterprise value of €3.1 billion, was finalised in two steps, on December 28^th, 2023, with the transaction related to the network in Germany, and on January 3rd, 2024, with the transactions related to the networks in the Netherlands, Luxembourg, and Belgium.

TotalEnergies says it has 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).

To be precise, the transaction involved TotalEnergies’ retail networks in the following countries:

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 stresses that it 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).

Photo: Martin a1999a, CC BY-SA 4.0, via Wikimedia Commons