Thndr Claps » EGY Claps » Energy 🔋 » ADNOC Distribution is set to acquire 50% of Total 🛢
The ClapADNOC Distribution, a subsidiary of ADNOC, is set to acquire 50% of Total Energies in a deal potentially worth $203.3 million.The DeetsADNOC mentioned that the value of the acquisition is $186 million, with an additional earn out of up to $17.3 million if certain conditions are met. The operations that were acquired include fuel stations, wholesale fuel, and aviation fuel. The acquisition is expected to be completed by Q1 2023.Why is this important?Total Energies is one of the 4 biggest petroleum companies in Egypt, with a presence of 240 fuel stations. For the disclosure, click here.
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