Adnoc Distribution Buys Shell’s South African Fuel Stations for $1 Billion
Adnoc Distribution has agreed to buy Shell’s fuel retail network in South Africa for $1 billion, acquiring 580 service stations and related assets.
The transaction marks the first time the UAE firm has entered the South African market, providing direct access to Africa’s largest economy.
From the sources (4 posts)
@staunovoUAE’s Adnoc strikes $1bn deal for Shell’s South African fuels business Acquistion of 580 service stations and other assets marks latest overseas expansion by Adnoc subsidiary #oott
@coruscakhayaShell agrees to R16bn sale of SA business – including fuel stations – to Abu Dhabi firm
@ftmideastafricaUAE’s Adnoc strikes $1bn deal for Shell’s South African fuels business
@businessAdnoc Distribution has agreed to buy Shell's fuel stations in South Africa at a $1 billion value, giving the UAE firm access to Africa's biggest economy for the first time. CEO Bader Al Lamki discusses the deal with Bloomberg's Abeer Abu O