ADNOC Distribution to Acquire Shell Downstream South Africa in US$1 Billion Deal

ADNOC Distribution has entered into a definitive agreement to acquire 100% of Shell Downstream South Africa (SDSA) in a transaction with an implied enterprise value of approximately US$1Billion, marking a major step in its international expansion strategy. The acquisition includes 580 fuel retail stations, together with Shell's wholesale fuels, aviation, maritime and lubricants businesses in South Africa.

Following completion, ADNOC Distribution intends to divest a 28% stake in SDSA to a local Broad-Based Black Economic Empowerment (B-BBEE) partner and an Employee Stock Ownership Plan, while continuing to operate the business under the Shell brand through a long-term licensing agreement. Expected to close in 2027, the transaction strengthens ADNOC Distribution's footprint in Africa and supports its ambition to become a leading global mobility and convenience retailer.

Advisory Team:

ENSAfrica

Chevan Daniels

Steven Wiener

Rick Van Rensburg

Sazi Madlala

Zaid Bhayat

Tashreek Miller

Kiara Govender