Finance

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

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

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.

On the same topic
• BCEAO holds key rates, citing stable growth and low inflation• WAEMU GDP grows 6.5%; inflation drops to 0.6% in Q2• Risks persist from insecurity,...
• WEF identifies 37 financial instruments for nature, highlighting 10 as priority solutions delivering both financial returns and ecological outcomes.•...
EBRD, EU, GCF, and Canada plan €65 mln ($77 mln) green loan for Crédit du Maroc. Funds to support clean energy, water treatment, and sustainable...
World Bank projects Ivory Coast could achieve 7-8% average annual growth with fiscal mobilization above 15% of GDP. Ivory Coast's tax revenue...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
03

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
04

Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...

Malawi’s Election Puts Incumbent Chakwera to the Test on Inflation and Fuel Shortages
05

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.