By Ben Glickman

 

Alimentation Couche-Tard can complete its purchase of TotalEnergies' European retail assets after the company received a decision from the European Commission not to oppose the deal.

The Canadian convenience-store operator said it expects the deal to close in December.

Couche-Tard announced in March it had made a 3.1 billion euro ($3.32 billion) offer to acquire retail assets in Germany and the Netherlands from TotalEnergies, which includes more than 1,500 service stations. TotalEnergies accepted the offer in June.

In Belgium and Luxembourg, the companies will form a joint venture to operate more than 600 services stations, with Couche-Tard holding a majority stake.

The deal will be financed with cash, existing credit facilities, U.S. Commercial Paper Program and a new term loan.

 

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 06, 2023 17:44 ET (22:44 GMT)

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