Canadian convenience store operator Alimentation Couche-Tard is buying some European gas stations belonging to TotalEnergies in a multi-billion dollar deal.
Valued at €3.1 billion (CAN$4.5 billion), Couche-Tard said it plans to turn the stations into food and services hubs. The deal comes two years after Couche-Tard’s last attempt to expand its presence in the European market when it tried to acquire French grocer Carrefour, a deal that was thwarted by the French government that opposed the deal.
The deal will see the operator own all of TotalEnergies’ stations in Germany and the Netherlands while also taking a 60 per cent stake in stations in Belgium and Luxembourg.
The company operates the Couche-Tard and Circle K convenience store banners in the United States as well as convenience stores and road transportation fuel retailers in Canada, Scandinavia, the Baltics and Ireland.
The acquisition will be paid in cash, Couche-Tard said, and is expected to close by the end of the year. The deal affects 2,200 service stations in Western Europe.
“Service stations must expand from just selling fuel to become full-fledged service hubs,” TotalEnergies CEO Patrick Pouyanne said in an announcement. “For this reason, TotalEnergies has decided to partner with Couche-Tard and tap into its recognized expertise in operating convenience stores in service stations.”