{"id":548201,"date":"2022-07-31T04:00:54","date_gmt":"2022-07-31T04:00:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/adnoc-is-buying-50-of-filling-station-chain-totalenergies-egypt\/"},"modified":"2022-07-31T04:00:54","modified_gmt":"2022-07-31T04:00:54","slug":"adnoc-is-buying-50-of-filling-station-chain-totalenergies-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/adnoc-is-buying-50-of-filling-station-chain-totalenergies-egypt\/","title":{"rendered":"Adnoc is buying 50% of filling station chain TotalEnergies Egypt"},"content":{"rendered":"

<\/a> Adnoc is entering Egypt\u2019s fuel retail space:<\/strong> The distribution arm of Abu Dhabi National Oil Company (Adnoc) has agreed to acquire 50% of TotalEnergies Egypt, according to a press<\/a>release<\/a>(pdf)<\/a> Thursday. Adnoc Distribution could pay up to USD 203 mn for the shares, which the company said would be the largest acquisition in its history.<\/p>\n

The details:<\/strong> Adnoc Distribution has agreed to purchase the shares from Total Energies Marketing Afrique for USD 186 mn, but could pay an additional USD 17.3 mn if certain conditions are met, the statement said, without getting into specifics. The transaction is set to be completed in 1Q 2023 and needs regulatory approvals.<\/p>\n

What it\u2019s buying:<\/strong> TotalEnergies Egypt is one of the biggest fuel retail operators in Egypt and has a portfolio of 240 filling stations, more than 100 convenience stores, over 250 lube changing stations, and car washes, and wholesale fuel, aviation fuel, and lubricant operations. Under the agreement, some service stations will be rebranded as Adnoc, and some future sites will be Adnoc-badged, the statement said.<\/p>\n

What they said:<\/strong> \u201cAdnoc Distribution and TotalEnergies will develop future growth opportunities of TotalEnergies Egypt through unlocking value potential and exploring beneficial synergies in fuel distribution, lubricants and aviation businesses driven by economic growth and post covid recovery<\/strong>,\u201d the statement said.<\/p>\n

Adnoc first pushed out of the UAE four years ago: <\/strong>The ADX-listed<\/a> giant opened in 2017 its first stations outside the UAE in Saudi Arabia; it now has 55 locations in KSA, according to its 1Q 2022 earnings release. The company operates 464 retail fuel stations and 350 convenience stores in its home market.<\/p>\n

IN CONTEXT- The Emiratis have been on a spending spree in Egypt <\/strong>led by Abu Dhabi sovereign wealth fund ADQ. Starting last year with upmarket realtor SODIC<\/a>, which ADQ took over alongside Al Dar Properties, the wealth fund has this year invested USD 1.8 bn to acquire stakes<\/a> in several EGX-listed companies owned by the government (including CIB) and is on course to acquire 60%<\/a> of Auf Group via its food subsidiary Agthia. It is also preparing to invest USD 10 bn<\/a> in industrial projects in Egypt, the UAE and Jordan under a three-way industrial partnership inked in May.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

Banque Misr\u2019s acquisition of CI Capital\u2019s consumer finance arm, Souhoola, went through <\/strong>last week<\/strong> in a transaction valued at EGP 173 mn, a source confirmed to Enterprise. The acquisition is part of restructuring plans that followed the state-owned bank\u2019s acquisition of CI Capital<\/a> in March 2021, they said. The acquisition last year saw Banque Misr purchase 65% of CI Capital, increasing its total stake in the financial services firm to 90%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc is entering Egypt\u2019s fuel retail space: The distribution arm of Abu Dhabi National Oil Company (Adnoc) has agreed to acquire 50% of TotalEnergies Egypt, according to a pressrelease(pdf) Thursday. Adnoc Distribution could pay up to USD 203 mn for the shares, which the company said would be the largest acquisition in its history. The […]<\/p>\n","protected":false},"author":1,"featured_media":548202,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[1703,576,136,72,819,7128,2192],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adnoc","tag-banque-misr","tag-ci-capital","tag-enterpriseam","tag-fuel","tag-ma-watch","tag-totalenergies-egypt","wpautop","entry"],"acf":{"mongo_id":"b9feab20-0529-4fc8-b246-002709a00f77","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/315.jpg","photo_position":"above","related_issue":[548197],"teaser":"","voice_url":""},"yoast_head":"\nAdnoc is buying 50% of filling station chain TotalEnergies Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/adnoc-is-buying-50-of-filling-station-chain-totalenergies-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc is buying 50% of filling station chain TotalEnergies Egypt\" \/>\n<meta property=\"og:description\" content=\"Adnoc is entering Egypt\u2019s fuel retail space: The distribution arm of Abu Dhabi National Oil Company (Adnoc) has agreed to acquire 50% of TotalEnergies Egypt, according to a pressrelease(pdf) Thursday. 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Private equity outfit B Investments is \u201cevaluating all options\u201d after Adnoc Distribution agreed to buy 50% of TotalEnergies Egypt last week, B Investments IR head Omar El Labban told Enterprise.B Investments is the only minority shareholder in TotalEnergies Egypt: Under the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/97.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581330,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/b-investments-finalizes-exit-from-totalenergies-egypt\/","url_meta":{"origin":548201,"position":2},"title":"B Investments finalizes exit from TotalEnergies Egypt","author":"enterpriseam admin","date":"8 February 2023","format":false,"excerpt":"BPE Partners\u2019 B Investments has completed the sale of its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn, the company said in an EGXdisclosure (pdf). The transaction came alongside a separate BPE Partners-backed vehicle\u2019s exit of its 9% stake to TEMA for USD\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/TotalEnergies-Logo-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548881,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/","url_meta":{"origin":548201,"position":3},"title":"B Investments now has until mid-Sept to mull Adnoc\u2019s bid for TotalEnergies Egypt","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"Filing error gives B Investments more time to respond to Adnoc\u2019s bid for TotalEnergies Egypt: B Investments has been granted an extension until 15 September to decide whether it will preempt Adnoc\u2019s bid to acquire 50% of TotalEnergies Egypt, the company said in an EGXdisclosure (pdf) yesterday. The private equity\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/389.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619067,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/shell-totalenergies-eye-ruwais-stake\/","url_meta":{"origin":548201,"position":4},"title":"Shell, TotalEnergies eye Ruwais stake","author":"enterpriseam admin","date":"24 April 2024","format":false,"excerpt":"Japanese trading firm Mitsui is also mulling a stake","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615977,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/adnoc-distribution-doubles-down-on-egypt-saudi-arabia-expansions\/","url_meta":{"origin":548201,"position":5},"title":"Adnoc Distribution doubles down on Egypt, Saudi Arabia expansions","author":"enterpriseam admin","date":"27 February 2024","format":false,"excerpt":"The company plans to roll out more services at its filling stations and further expand into new cities, the company\u2019s CEO Bader Al Lamki told Enterprise","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2612.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548201"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548201\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548202"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548201"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548201"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}