TotalEnergies has completed the implementation of the agreements signed in March 2023 with Alimentation Couche-Tard (“Couche-Tard”). The transaction, based on an enterprise value of €3.1 billion (equivalent to more than 15 years of net cash flow on a post-tax basis), was finalized in two steps, on December 28th, 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 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).
As announced, 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 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).
