Alimentation Couche-Tard Moves Closer to Growing Its Network in Europe
Its offer for TotalEnergies SE clears the information and consultation process.
LAVAL, Quebec — Alimentation Couche-Tard Inc. is on track to close on its acquisition of TotalEnergies SE before the end of the year.
The company confirmed that TotalEnergies has accepted its approximately €3.1 billion offer, or $3.3 billion, which Couche-Tard announced on March 16.
Following completion of the information and consultation process involving TotalEnergies employee representative bodies at European level in Belgium, the Netherlands and Luxembourg, TotalEnergies will now enter into definitive agreements to effect the transaction, according to Couche-Tard.
The transaction still needs the approval of relevant European regulatory authorities.
The deal comprises 100 percent of TotalEnergies' retail assets in Germany and the Netherlands, in addition to 60 percent controlling interest in the company's Belgium and Luxembourg entities. TotalEnergies is a French multinational integrated energy and petroleum company. It is one of the seven supermajor oil companies, as Convenience Store News previously reported.
The acquisition includes a total of 2,193 sites. Approximately 1,195 are located in Germany, 566 in Belgium, 387 in Netherlands and 45 in Luxembourg. The majority are company-owned (68 percent) with the balance being dealer-owned (32 percent).
Following news of the pending deal in March, Couche-Tard President and CEO Brian Hannasch said the transaction included "high-quality locations in close proximity to the company's current footprint in Europe."
"For some time, we've been seeking a sizable acquisition. This one will grow our European network by close to 80 percent, bringing value to our shareholders and being a strong geographic and strategic fit," Hannasch said during the company's earnings call for its fiscal 2023 third quarter, held March 16.
Laval-based Couche-Tard is a global leader in convenience and mobility, operating 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 it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of People's Republic of China.