Convenience store company Alimentation Couche-Tard is set to enter definitive agreements to acquire certain European retail assets energy and petroleum company TotalEnergies.

In March this year, the two parties entered into an agreement under which Couche-Tard offered to take over 100% of TotalEnergies’ retail assets in Germany and the Netherlands.

The energy company operates a network of 1,198 service stations in Germany and 392 in the Netherlands.

In addition, the two companies will create a joint venture (JV) in Belgium and Luxembourg that will own and operate 619 service stations.

Through the transaction, TotalEnergies seeks to capitalise on Couche-Tard’s expertise in operating convenience stores in service stations.

As part of the agreement, Couche-Tard will own 60% of the JV while TotalEnergies will own the remaining 40%.

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The deal value, as announced in the original agreement, remains unchanged at approximately €3.1bn ($3.4bn).

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

In a statement, Couche-Tard said: “Following completion of the information and consultation process involving TotalEnergies employee representative bodies at European level in Belgium, the Netherlands and Luxembourg, TotalEnergies has accepted the corporation’s offer and will now enter into definitive agreements to effect the transaction.

“This transaction remains subject to the approval of relevant European regulatory authorities and closing continues on track to occur before the end of calendar year 2023.”

In February this year, Couche-Tard also agreed to acquire 45 ‘high-quality’ retail sites in Arkansas from Big Red Stores.

The convenience retailer operates more than 14,300 stores in 24 countries and territories.