The acquisition is expected to be completed in Q1 2023. Image Credit: Supplied

Abu Dhabi: ADNOC Distribution has acquired a 50 per cent stake in TotalEnergies Marketing Egypt for approximately $186 million, it announced on Thursday, with a provision of an additional earn-out of up to $17.3 million.

Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in the country.

Through this deal, ADNOC Distribution and TotalEnergies will develop future growth opportunities in Egypt by exploring deals in fuel distribution, lubricants and aviation businesses.

The acquisition will also see the refurbishment of several service stations to full ADNOC branding, with certain future sites being constructed under the ADNOC brand, offering a robust foothold in a fast-growing fuel retail market in Egypt.

The acquisition is expected to be completed in Q1 2023.

“This acquisition marks a significant milestone in ADNOC Distribution’s international growth story. Egypt is the Arab world’s most populous country and we look forward to entering such a dynamic market,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of ADNOC Distribution.

Thierry Pflimlin, President Marketing & Services at TotalEnergies, said: “TotalEnergies is pleased to be joining forces with ADNOC Distribution in Egypt. The rich experience of the leading fuel distributor in the UAE will bring substantial added value to TotalEnergies Egypt. We look forward to collaborating with ADNOC Distribution in its international growth strategy.”