ANCTF - TotalEnergies sells European gas stations to Couche-Tard in $3.3B deal

2023-03-17 11:38:10 ET

Alimentation Couche-Tard ( OTCPK:ANCTF ) said Thursday it agreed to acquire nearly 2K gasoline stations in Europe from TotalEnergies ( NYSE: TTE ) for €3.1B (US$3.3B).

The Canadian convenience store owner said it made a firm offer for 100% of the oil producer's retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the Belgium and Luxembourg entities.

TotalEnergies ( TTE ) will keep its activities related to off-station electric-vehicle charging, hydrogen retail and wholesale fuel, as well as the AS 24 service-station network for trucks.

The assets had an operating profit of roughly €455M last year, Couche-Tard ( OTCPK:ANCTF ) said.

Alimentation Couche-Tard ( OTCPK:ANCTF ) is "a disciplined operator with a proven management team with skin in the game," Heavy Moat Investments said in an analysis published on Seeking Alpha .

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