TotalEnergies Sheds Stations

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TotalEnergies will divest some 2,200 service stations in four European countries based on a belief that gasoline sales will decline and most electric charging won't happen at such stations. In Germany and the Netherlands, it will sell 100% of its 1,600 stations to Canada's convenience store leader Couche-Tard ("Night Owl"), while forming a 40-60 joint venture with Couche-Tard for its more than 600 stations in Belgium and Luxembourg. The planned transaction is based on an enterprise value of €3.1 billion ($3.3 billion). The service stations will remain under the Total brand for at least five years and as long as the fuel is supplied by the French supermajor.

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