TotalEnergies finalises EUR3.4 billion deal with Couche-Tard
Photo courtesy of TotalEnergies

TotalEnergies finalises EUR3.4 billion deal with Couche-Tard

TotalEnergies has successfully completed its agreements with Alimentation Couche-Tard (Couche-Tard), initially signed in March 2023. The transaction, valued at an enterprise value of EUR3.1 billion (USD3.4 billion), was finalised in two phases: the first on December 28, 2023, concerning the network in Germany, and the second on January 3, 2024, involving networks in the Netherlands, Luxembourg, and Belgium.

TotalEnergies received a total cash consideration of EUR3.4 billion (USD3.7 billion, including approximately USD2.4 billion received in December 2023). This transaction represents more than 15 years of net cash flow on a post-tax basis.

Strategic Partnership Structure

– In Germany and the Netherlands, TotalEnergies sold 100% of its retail networks to Couche-Tard.

– In Belgium and Luxembourg, TotalEnergies and Couche-Tard established a joint venture, with TotalEnergies holding a 40% stake and Couche-Tard 60%.

TotalEnergies will maintain its role as a fuel supplier for these service stations for at least five years. The supply will notably come from its refineries in Antwerp, Belgium, and Leuna, Germany, ensuring a seamless transition and continued service quality.

TotalEnergies is a diversified global energy company engaged in the production and marketing of oil, biofuels, natural gas, green gases, renewables, and electricity. With more than 100,000 employees, the company operates in nearly 130 countries, focusing on sustainable, reliable, and accessible energy. TotalEnergies is dedicated to sustainable development, aiming to contribute positively to societal well-being.

Alimentation Couche-Tard is a Canadian multinational operator of convenience stores,  operating the brands Couche-Tard, Circle K and Ingo. The company has 14,302 stores across Canada, the United States, Mexico, Ireland, Norway, Sweden, Denmark, Estonia, Latvia, Lithuania, Poland, Russia, Japan, China, and Indonesia.