North Atlantic Finalises Deal To Acquire ExxonMobil’s Stake In Esso S.A.F. And EMCF

KUALA LUMPUR, Sept 25 (Bernama) -- North Atlantic France SAS (North Atlantic) has entered into an agreement with ExxonMobil France Holding SAS (ExxonMobil) to acquire ExxonMobil's entire stake in Esso Société Anonyme Française SA (Esso S.A.F.) and ExxonMobil Chemical France SAS (EMCF).

North Atlantic in a statement said this agreement follows earlier exclusive negotiations and the signing of a put option agreement on May 28.

The acquisition marks an important step in North Atlantic’s project to establish a long-term presence in France, contributing to European energy security, industrial resilience, and energy transition.

“Our commitment to France is long-term. By building on Gravenchon’s record of industrial excellence, we aim to strengthen energy security and resilience while accelerating the transition to lower-carbon solutions.

“This project reflects our ambition to grow the North Atlantic into a premier transatlantic energy company, with strong foundations on both sides of the Atlantic,” said North Atlantic President and Chief Executive Officer and North Atlantic France President, Ted Lomond.

The completion of the project remains subject to customary regulatory conditions applicable to this type of operation, including foreign direct investment control in France and finalisation of certain financing arrangements.

The transaction is expected to be completed in the fourth quarter this year. North Atlantic reiterates its commitment to delivering a comprehensive and well-managed transition, with the intention to maintain employment and existing compensation and benefits.

-- BERNAMA