Rontec buys 810 Total petrol stations, sells 254 to Shell
The consortium Rontec Investments said Tuesday it had agreed to buy 810 British petrol service stations from French energy group Total for an undisclosed amount.
Simultaneously, Rontec said it was offloading 254 of the newly-acquired stations to Royal Dutch Shell for $400 million (278 million euros) in cash.
"Rontec Investments LLP, a consortium comprising Snax 24, one of the leading companies in the independent fuel retailing sector, together with its partners Investec and Grovepoint Capital... today signed a sale and purchase agreement to acquire Total's retail and fuel distribution business in the UK," the company said in a statement
The deal also includes Total's petrol stations in the Channel Islands and Isle of Man.
"Simultaneously, Rontec Investments has also agreed to sell 254 of the petrol retail sites it is acquiring to Shell," the statement added.
© 2011 AFP