BPE Partners okays US$30 mln offer for remaining stakes in TotalEnergies Marketing Egypt

Monday, 09 January 2023 17:32
BPE Partners okays US$30 mln offer for remaining stakes in TotalEnergies Marketing Egypt

(Ecofin Agency) - The yet-to-be-finalized transaction will mark the French private equity firm's exit from the Egyptian subsidiary of Total.

B Investments, the Egyptian subsidiary of French private equity firm BPE Partners, has accepted a close of up to US$30 million to sell its remaining 6.4% stake in TotalEnergies Marketing Egypt. The buyer is TotalEnergies Marketing Afrique SAS (TEMA), French energy group Total's holding company in charge of African operations.  The agreed offer specifically includes US$27.65 million in total consideration and US$2.2 million of additional payment subject to "certain milestones concerning TEMA’s transaction with Abu Dhabi National Oil Company for Distribution."

“We are very pleased to have established a decade-long successful relationship with one of the leading global energy players to create one of the largest private sector oil & gas companies in Egypt. Achieving another successful exit further demonstrates our ability to create significant value in our portfolio companies and ultimately, for our shareholders,” said Mr. Hazem Barakat, Co-Founder & Chairman of B Investments.

The comment gives no additional information on the reasons that motivated BPE Partners to exit Total Energies Marketing Egypt. The private equity made a similar comment in 2020 when it sold 1.3% of its stakes in the Egyptian firm under similar conditions.

BPE Partners entered the capital of TotalEnergies Marketing Egypt in 2013, supporting the investee's ambition to increase its market share. Its investment helped Total increase the number of its filling stations from 70 to 240 in Egypt between 2013 and 2022. TotalEnergies Marketing Egypt was the second exit carried out by BPE in Egypt in 2022. In April of the same year, it agreed to sell a 44.5% indirect holding in a local tech firm.


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