Alimentation Couche-Tard has announced its agreement to acquire 2,193 gas stations in Europe from TotalEnergies. The proposed acquisition would comprise 100% of TotalEnergies retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the Belgium and Luxembourg entities. The proposed acquisition will be submitted to the relevant employee representative bodies and remains subject to customary regulatory approvals.
The retail assets included in the proposed acquisition, at the end of calendar year 2022, cover 2,193 sites, where 1,195 are located in Germany, 566 in Belgium, 387 in the Netherlands and 45 in Luxembourg. The majority are company owned (68%), with the balance being dealer owned (32%).
The purchase price for this proposed transaction, to be paid in cash, is approximately $3.1 billion on a cash-free, debt-free basis, subject to customary closing adjustments.
“We are excited to welcome the TotalEnergies employees and stores into the Couche-Tard family. As we learned more about their business, it became clear that we share the same customer-centric approach, values and focus on an engaged workforce. We have deep respect for its operations, management and people, as well as great confidence that by joining forces together, we will build a winning global retail operation in the region. We see this as a strong geographical fit with our existing European network, which will allow us to grow together in some of Europe’s strongest economies and move forward in our vision to become the world’s preferred destination for convenience and mobility,” said Brian Hannasch, president and CEO of Alimentation Couche-Tard.
The transaction remains subject to an information and consultation process involving employee representative bodies and the approval of relevant authorities. There is no certainty that the firm offer will be accepted and that the transaction will be completed. If the firm offer is accepted by TotalEnergies, it is expected that the proposed transaction will be completed before the end of 2023.
Couche-Tard operates in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and is prominent in Canada, Scandinavia, the Baltics and Ireland. It also has an important presence in Poland and Hong Kong SAR. Approximately 122,000 people are employed throughout its network.