B Investments announced that it has sold all of its stakes in TotalEnergies Egypt to TotalEnergies Marketing Afrique SAS (TEMA) for a total consideration of $27.6 million, which translates into a total company equity value of $433 million, the company said in an EGX disclosure.

Moreover, B Investments is eligible for an additional amount equal to $2.2 million, subject to certain milestones concerning TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC).

In December 2022, ADNOC Distribution’s acquisition of 50% of Total fuel stations in Egypt was announced to be nearing its conclusion with the approval of the Board of Directors of B Investments Holding.