HJBC/iStock Editorial via Getty Images
TotalEnergies (NYSE:TTE) said Wednesday it completed the sale of certain European retail assets to convenience store company Alimentation Couche-Tard (OTCPK:ANCTF) for €3.4B, or ~$3.8B, including ~$2.4B in December 2023.
The two companies announced an agreement last March in which Couche-Tard (OTCPK:ANCTF) would take over 100% of TotalEnergies’ (TTE) retail assets in Germany and the Netherlands, comprised of 1,198 service stations in Germany and 392 in the Netherlands.
The companies also will create a joint venture in Belgium and Luxembourg that will own and operate 619 service stations; Couche-Tard (OTCPK:ANCTF) will own 60% of the JV, while TotalEnergies (TTE) will own the remaining 40%.
TotalEnergies (TTE) said it will continue to supply fuel to the service stations in the four countries for at least five years, notably from its refineries in Antwerp, Belgium, and Leuna, Germany.
