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TotalEnergies (NYSE:TTE) has successfully concluded the sale of specific European retail assets to Alimentation Couche-Tard (OTCPK:ANCTF) for an impressive €3.4B, equivalent to approximately $3.8B. The deal included around $2.4B disbursed in December 2023.
Back in March, the two corporate behemoths publicly disclosed an agreement that saw Couche-Tard (OTCPK:ANCTF) acquire TotalEnergies’ (TTE) retail assets in Germany and the Netherlands, totaling 1,198 service stations in Germany and 392 in the Netherlands.
They have also set in motion the establishment of a joint venture in Belgium and Luxembourg, which will possess and manage 619 service stations. In this venture, Couche-Tard (OTCPK:ANCTF) will have a 60% stake while TotalEnergies (TTE) retains the remaining 40% ownership.
Interestingly, TotalEnergies (TTE) has assured that it will continue to supply fuel to the service stations in the four countries for a minimum of five years, drawing mainly from its refineries in Antwerp, Belgium, and Leuna, Germany.
