Couche-Tard is acquiring the European assets of multinational TotalEnergies for $4.5 billion, which aims to anticipate the end of sales of thermal vehicles in Europe by 2035.
The proposed acquisition, which is subject to customary approvals, will affect approximately 2,193 service station and retail locations, including 1,195 in Germany, 566 in Belgium, 387 in the Netherlands and 45 in Luxembourg, allowing the Quebec company to expand its European network.
The agreement provides for the full acquisition of the sites in Germany and the Netherlands by the food and fuel distribution group Laval, which will also become the majority shareholder of the Belgian and Luxembourg companies.
This “will allow us to grow together within Europe’s strongest economies and advance our vision to become the preferred destination for buying goods and for mobility around the world,” said Brian Hannasch, President and CEO, in a press release officer of the Diet Couche-Tard, Thursday.
“We are delighted that Couche-Tard is putting all its know-how at the service of these 2,200 service stations in Western Europe and working with them in Belgium and Luxembourg, where we are market leaders,” said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.