The Emirati “ADNOC Distribution” acquisition of 50% of the “Total” fuel stations in Egypt is close to completion, with the approval of the Board of Directors of “B Investments Holding” to sell the entire company’s stake in “Total Energy Marketing Egypt”, amounting to 6.38%, to Total Energies Marketing Africa (TEMA) for $27.6 million.
According to a disclosure on Sunday to the stock exchange, the approval of the board of directors of “B Investments Holding” came in a meeting held on Thursday.
According to Al Sharq Bloomberg, B Investments deserves an additional $2.2 million if some of the conditions of the TEMA deal with ADNOC Distribution are met. The deal is expected to be completed during the first quarter of 2023.
Founded in 1998, Total Energy Egypt is among the four largest gas station companies in Egypt, with 240 stations.
On July 28, ADNOC Distribution, a subsidiary of the state oil giant Abu Dhabi National Oil Company, ADNOC, concluded an agreement to acquire 50% of the activities of Total Energy Egypt, in a deal valued at more than $203 million, including the activities of fuel stations. Retail, wholesale and aviation fuel in Egypt.