Alimentation Couche-Tard Inc. has signed, through its wholly-owned indirect subsidiary Statoil Fuel & Retail AS, an agreement to sell its aviation fuel business to Air BP.
The sale is done through a share purchase agreement pursuant to which Air BP would acquire 100% of all issued and outstanding shares of Statoil Fuel & Retail Aviation AS (“SFR Aviation”).
The deal, which is subject to standard regulatory approvals and closing conditions, is expected to be completed by the end of 2014. In addition, the Parties have agreed not to disclose the purchase price for this acquisition at this time.
SFR Aviation supplies aviation fuel products to airliners, general aviation, military and bulk customers in nine countries across Northern Europe. SFR Aviation employees will remain employed by the same legal entity as before the sale of the shares.
Air BP is one of the world’s largest suppliers of aviation fuel products and services. This acquisition complements Air BP’s existing presence in the region and will allow them to expand in this growing market with long-term prospects.
“The change of ownership assures the robustness of the business for the future and, in turn, creates exciting new opportunities for our employees,” said Jonas Palm, EVP Special Products, Statoil Fuel & Retail AS.