The European Commission (EC) has decided not to oppose convenience retailer Alimentation Couche-Tard’s proposed deal with TotalEnergies.

Initially announced in March 2023, the deal will see Couche-Tard acquire European retail assets from the energy company.

The convenience retailer will acquire 100% of TotalEnergies’s retail assets in Germany and the Netherlands.

It includes 1,198 service stations in Germany and 392 in the Netherlands.

TotalEnergies and Couche-Tard will create a joint venture (JV) in Belgium and Luxembourg, which will operate own and operate 619 service stations.

Couche-Tard will own a 60% stake in the JV, with the remaining 40% to be owned by TotalEnergies.

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By GlobalData

The service stations in these countries will continue to operate under the TotalEnergies brand as long as the company supplies fuel for at least five years.

The deal value, as per the original agreement, is valued at approximately €3.1bn ($3.4bn).

The convenience retailer will finance the deal through available cash, existing credit facilities, the US Commercial Paper Program, and a new term loan.

The acquisition is expected to be completed next month.

Couche-Tard president and CEO Brian Hannasch said: “The decision by the European Commission is an important marker in the completion of this acquisition, and I want to thank all involved for their outstanding commitment in getting us to this stage.

“This game-changing transaction is on track to close by the end of December, and we are truly excited to welcome new team members and stores across these four European countries as we grow together to become the world’s preferred destination for convenience and mobility.”