B Investments will sign a put option agreement over its 6.3% stake in TotalEnergies Marketing Egypt to TotalEnergies Marketing Afrique, for $ 27.6m.
B Investments will receive additional $2.2m in the event that some of the conditions in the acquisition deal between ADNOC Distribution and TotalEnergies Marketing Afrique were met.
ADNOC Distribution signed an agreement last July to acquire a 50% stake in TotalEnergies Marketing Egypt for a consideration of approximately $200m. This new transaction follows the signing of the strategic partnership agreement signed by TotalEnergies and ADNOC.
Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The contemplated partnership between TotalEnergies, a leading global multi-energy company, and ADNOC Distribution, the UAE’s largest fuel retail distributor, includes a portfolio comprising 240 fuel retail stations, as well as wholesale fuel activities, an aviation fuel business, and lubricants sales.
The Acquisition is expected to complete in Q1 2023 pending satisfaction of certain conditions, including customary regulatory approvals.
