UAE’s largest fuel and convenience retailer, ADNOC Distribution will acquire a 50 percent stake in TotalEnergies Marketing Egypt for approximately $186 million.
Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in Egypt. The Acquisition marks another important milestone in the delivery of ADNOC Distribution’s expansion plans.
Through this deal, ADNOC Distribution and TotalEnergies will develop future growth opportunities of TotalEnergies Egypt through unlocking value potential and exploring beneficial synergies in fuel distribution, lubricants, and aviation businesses driven by economic growth and post COVID recovery.
“This acquisition by ADNOC Distribution reaffirms our commitment to expanding our business in attractive international growth markets. It is a testament to our ability to leverage our experience in both fuel and non-fuel retail, deploy cash to accelerate our international expansion, and realize natural business synergies and partnership opportunities that allow us to quickly and efficiently enter new and dynamic markets. The Acquisition will be earnings accretive to ADNOC Distribution from the first-year post-closing. We look forward to providing the best possible service to customers in Egypt, and working with TotalEnergies to accelerate our international expansion in Egypt and beyond.”
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of ADNOC Distribution said that, “This acquisition marks a significant milestone in ADNOC Distribution’s international growth story. Egypt is the Arab world’s most populous country and we look forward to entering such a dynamic market. The Acquisition is also well aligned with the Industrial Partnership for Sustainable Economic Growth between the UAE, Bahrain, Egypt, and Jordan and will leverage the strengths of both the UAE and Egypt to boost growth in the related markets.”
“TotalEnergies is pleased to be joining forces with ADNOC Distribution in Egypt. The rich experience of the leading fuel distributor in the UAE will bring substantial added value to TotalEnergies Egypt,” commented Mr. Thierry Pflimlin, President of Marketing & Services at TotalEnergies.