Total unloads UK downstream marketing assets
Total has signed a sale and purchase agreement to sell most of its marketing assets in the UK, the Channel Islands and the Isle of Man to Rontec Investments, a consortium led by Snax 24, an independent forecourt operator in the UK.
The assets included within this agreement consist of Total’s UK retail network, comprising 810 Total-branded service stations, its Butler heating oil business, the associated logistics infrastructure, as well as its Channel Islands and Isle of Man businesses.
The Rontec Investments consortium comprises Snax 24; Grovepoint, a London-based, independent principal investment firm; and Investec, an international specialist bank and asset manager.
This transaction, which is expected to complete later in 2011, is in line with Total’s strategy of rationalizing its downstream portfolio in Europe. The sale process for Total’s refining assets in the UK is ongoing. In addition to its exploration and production operations, Total will retain a direct market presence in the UK through its lubricants, aviation fuels, special fluids and chemicals businesses.
Comments