Total and Beltone Private Equity Partner Up (MENA)
Source: Beltone Private Equity
Beltone Private Equity (BPE), an affiliate of Egypt-based Beltone Financial Holding, recently acquired a stake in Total Egypt, the Egyptian subsidiary of French oil company Total. Total and BPE-managed funds Beltone Capital and BPE Energy will jointly acquire global energy provider Chevron’s Egypt-based retail and aviation businesses, including 66 service stations, two oil depots and aviation fuel operations. The transaction, which is subject to regulatory approval, comes shortly after their May 2013 acquisition of global energy and petrochemicals group Shell’s Egypt-based retail and commercial fuels businesses. Total Egypt intends to use the acquisitions to triple the size of its network from 75 to 218 service stations. Financial details of the transactions were not disclosed.