London—Dentons has advised longstanding client TotalEnergies on the disposal of a 50% stake in its Egyptian fuel retail, aviation and lubricants business to ADNOC Distribution, the retail and distribution arm of the Abu Dhabi National Oil Company (ADNOC) for approximately $200 million.

Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The contemplated partnership between TotalEnergies, a leading global multi-energy company, and ADNOC Distribution, the UAE’s largest fuel retail distributor, includes a portfolio comprising 240 fuel retail stations, as well as wholesale fuel, aviation fuel, and lubricant operations. The deal is subject to a number of conditions, including regulatory approvals and is expected to complete in Q1 2023.

A combined London and Cairo team worked on the deal. The London team was led by corporate partner Darren Acres, supported by senior associates Danni Hofmeyr and Wei Wu and associates Lara Ali, Abby Dorani and Vasilis Andreou. The London team also included competition partner Christopher Graf and tax partner Alex Tostevin. The Cairo team was led by partner Michael Lacey and consultant Frederique Leger.