The transaction, based on an enterprise value of €3.1 billion, includes service station networks and B2B fuel card activities.
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.
The transaction is subject to conditions, including consultations with employee representatives and securing mandatory authorisation from competition authorities.
TotalEnergies and Couche-Tard aim to close the deal by the end of 2023.
In Belgium and Luxembourg, TotalEnergies and Couche-Tard will form a 40-60 joint venture that will own and operate 619 service stations.
The collaboration with Couche-Tard will accelerate the transformation of these assets by maximising non-fuel sales.
The service stations in the four countries will remain under the TotalEnergies brand as long as the fuel is supplied by the company, for at least five years, notably from its refineries in Antwerp (Belgium) and Leuna (Germany).
The deal aligns with TotalEnergies’ strategy to become a multi-energy company and its ambition to achieve net-zero emissions by 2050.
The company aims to reduce its petroleum product sales by 30% by 2030, so that its fuel sales and refining throughput do not exceed its oil production.
Since 2015, TotalEnergies has divested its service station networks in Italy, Switzerland and the UK.
The company is focusing on developing new mobilities and deploying charging points for electric vehicles on major roadways and in large cities in Europe.
In hydrogen, it is developing a network of stations for lorries/trucks in Europe, in partnership with Air Liquide.