Fuel operator Alimentation Couche-Tard has completed the acquisition of certain European retail assets from TotalEnergies, marking its entry into four new countries in the process.
The deal includes 100% of TotalEnergies' retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the entities in Belgium and Luxembourg, the company noted.
Alimentation Couche-Tard, which operates the Circle K brand, has acquired 2,175 sites from TotalEnergies, including 1,191 in Germany, 562 in Belgium, 378 in the Netherlands, and 44 in Luxembourg.
More than two thirds (69%) of the properties are company-owned, while the remaining 31% is dealer-owned.
European Expansion
Brian Hannasch, president and CEO of Couche-Tard said, "With this acquisition, we are entering four new countries and significantly expanding our reach in Europe. We are very excited to welcome these new team members and stores into the Couche-Tard family and are confident that they are a great fit with our company and culture."
He added, "We have a proven track record of successful integrations and have already identified local talent to lead in each country. We look forward to our journey of growing together as we bring lasting value to our customers, business, and shareholders."
TotalEnergies said it received a total cash consideration after adjustments and before tax of €3.4 billion.
Alimentation Couche-Tard added that it financed the deal with the corporation's available cash, US Commercial Paper programme, and term loans.
The deal was announced in March of last year and TotalEnergies noted that it would retain activities related to its off-station electric vehicle charging, hydrogen retail, and wholesale fuel business, as well as its AS 24 service station network for lorries/trucks.
