Akwa Africa set to take over TotalEnergies Mauritania’s fuel retail business
The subsidiary of Akwa Group has its sights set on approximately 40 branches operated by the French mobility company across the country.
Akwa Group is set to acquire TotalEnergies’ fuel retail business in Mauritania. The $185 million purchase will be made through the company’s subsidiary, Akwa Africa, and if it would mean acquiring roughly 40 branches operated by the French mobility firm throughout the country.
According to a report by news site Energy Capital Power, the deal is set to be closed in the following weeks if TotalEnergies accepts Akwa’s offer. This outcome will strengthen the group’s role in the fuel retail market and its position across the continent as part of its strategy to expand across Mauritania and Africa.
The Akwa Group has recently reported a 51.5% increase in revenue for the first half of 2022 in comparison to the same period of last year. As the site reports, this rise is driven by the increase of gas and oil sales boosted by the high prices of fuel across the world.
The acquisition also responds to recent mergers in the African market and multinational companies seeking to divest their assets to favour of alternative energies. Energy transition has pushed several international firms to sell assets and boost their portfolio of sustainable related companies.
