Mergers & Acquisitions

Couche-Tard 2,200-Store Purchase Moves Forward

TotalEnergies accepts $3.3 billion offer
Photograph: Shutterstock

Alimentation Couche-Tard Inc. will add nearly 2,200 gas stations and convenience stores to its list of assets now that Europe’s TotalEnergies has accepted the retailer's offer to acquire its European retail assets. The deal was first announced in March.

Couche-Tard will acquire 100% of TotalEnergies retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the Belgium and Luxembourg entities, for a purchase price of approximately $3.3 billion to be paid in cash.

Following completion of the information and consultation process involving TotalEnergies employee representatives in Belgium, the Netherlands and Luxembourg, TotalEnergies accepted Couche-Tard’s offer this week and will now enter into definitive agreements to close the transaction. This deal remains subject to the approval of relevant European regulatory authorities. Closing is expected to occur before the end of calendar year 2023.

The retail assets include 2,193 sites: 1,195 in Germany, 566 in Belgium, 387 in Netherlands and 45 in Luxembourg. Of those sites, 68% are company owned and 32% are dealer-owned. Also, 975 of the sites include car washes.

In announcing the deal earlier this year, Couche-Tard said the acquisition presents a “unique opportunity to invest into a complementary and winning network with leading positions in large economies in Europe [offering] a strong geographic and strategic fit.”

  • Alimentation Couche-Tard is No. 2 on CSP’s 2023 Top 202 ranking of convenience store chains by store count. Watch for the full 2023 Top 202 in June.

Laval, Quebec-based Couche-Tard’s 24-country network includes more than 7,100 in the United States, primarily under the Circle K and Holiday Stationstores banners, and approximately 2,100 in Canada under the Circle K, Mac’s and Couche-Tard banners. In Europe, under the Circle K and other banners, Couche-Tard operates a retail network in Scandinavia, Ireland, Poland, the Baltics and Russia with more than 2,700 stores and unmanned automated fuel stations. And under licensing agreements, more than 2,200 stores operate under the Circle K banner in 15 other countries and territories (Cambodia, Egypt, Guam, Guatemala, Honduras, Hong Kong, Indonesia, Jamaica, Macau, Mexico, Mongolia, New Zealand, Saudi Arabia, the United Arab Emirates and Vietnam). This brings Couche-Tard’s total worldwide network to approximately 14,300 stores.

Paris-based TotalEnergies is a global multi-energy company that produces and markets oil and biofuels, natural gas and green gases, renewables and electricity. 

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