Convenience store company Alimentation Couche-Tard has closed the acquisition of some of TotalEnergies’ European retail assets.
The closure comes after the European Commission decided not to oppose the proposed deal in November 2023.
The deal, initially disclosed on 16 March 2023, includes a full takeover of TotalEnergies' retail outlets in Germany and the Netherlands.
It also includes the takeover of a 60% majority stake in the entities operating in Belgium and Luxembourg.
The acquisition comprises a total of 2,175 retail sites: 1,191 in Germany, 562 in Belgium, 378 in the Netherlands and 44 in Luxembourg.
Of these, 69% are company-owned while the remaining 31% are dealer-owned.
The deal is valued at €3.1bn ($3.4bn).
Financial aspects of the transaction were covered using Couche-Tard's available cash, its US Commercial Paper programme and term loans.
Couche-Tard CEO and president Brian Hannasch stated: "With this acquisition, we are entering four new countries and significantly expanding our reach in Europe. We are very excited to welcome these new team members and stores into the Couche-Tard family and are confident that they are a great fit with our company and culture."
"We have a proven track record of successful integrations and have already identified local talent to lead in each country. We look forward to our journey of growing together as we bring lasting value to our customers, business, and shareholders."
Couche-Tard reported net earnings of $819.2m in the second quarter of fiscal 2024 (FY24), up from $810.4m in the same period in FY23.
