Couche-Tard to Acquire TotalEnergies’ Retail Assets in Germany, the Netherlands, Belgium, and Luxembourg for €3.1 Billion

March 16, 2023

Cleary Gottlieb is representing Alimentation Couche-Tard Inc. (Couche-Tard), a global leader in convenience and fuel retail, in its proposed acquisition of TotalEnergies’ retail assets in Germany, the Netherlands, Belgium, and Luxembourg.

Couche-Tard and TotalEnergies have signed a put option agreement under which Couche-Tard has irrevocably undertaken to acquire 100% of TotalEnergies’ retail assets in Germany and the Netherlands as well as a 60% interest in the Belgium and Luxembourg entities.

The retail assets included in the proposed acquisition cover 2,193 sites where 1,195 are located in Germany, 566 in Belgium, 387 in Netherlands, and 45 in Luxembourg. The majority of those 2,193 sites are either company-owned, dealer-operated sites (56%), or dealer-owned, dealer-operated sites (32%), with the remaining sites (12%) being company-owned, company-operated sites.

The purchase price for this proposed transaction is €3.1 billion (on a debt-free, cash-free basis), subject to customary closing adjustments.

The proposed transaction will be submitted to the employee representative bodies and remains subject to customary regulatory approvals.