SUBSCRIBE
PROFILE

ExxonMobil enters exclusive talks to sell its stake in Esso S.A.F.

ExxonMobil plans to sell its 82.89% stake in Esso S.A.F. to North Atlantic France, valuing shares based on €1.49bn cash holdings and a price subject to several adjustments.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The American oil group ExxonMobil has announced it has entered exclusive negotiations with North Atlantic France SAS to sell its 82.89% stake in Esso S.A.F. through a put option agreement. The transaction includes a complex valuation mechanism based on available cash, the value of crude oil inventories, and a ticking fee clause.

A multi-level adjusted valuation

The base price of the transaction is set at €149.19 per share before distribution, or €32.83 per share after deducting a projected distribution of €116.36 per share. The valuation is based on an estimated €1.495bn in cash as of 31 December 2024 and a total equity value of Esso S.A.F. at €422mn. Adjustments will apply, notably through a ticking fee mechanism on two capital tranches: €362mn at €STR + 2% and €950mn at 2.40%, starting from 2 March 2025 until the completion of the sale.

Impact of distributions and asset sales

ExxonMobil is also planning an additional distribution of up to €63.36 per share, on top of a €53 dividend proposed to the general assembly on 4 June 2025. Asset disposals, including trademarks and lubricant and specialty product operations, will increase available cash and affect the final transaction price.

Transaction subject to multiple approvals

The transaction is subject to regulatory approvals and the finalisation of financing agreements. Completion is expected in the fourth quarter of 2025. Additionally, ExxonMobil intends to sell its stake in ExxonMobil Chemical France SAS to North Atlantic.

Towards a public tender offer in 2026

Following completion of the sale of the controlling block, North Atlantic would be required to launch a mandatory public tender offer for the remaining Esso S.A.F. shares under the same financial terms. If legal thresholds are met, a squeeze-out procedure could be initiated. The offer is expected to be filed in the first quarter of 2026.

Esso S.A.F. has been informed of North Atlantic’s intention to maintain current employment and benefits. The company expressed its willingness to cooperate with all parties involved and ensure operational continuity, notably through long-term agreements with ExxonMobil affiliates for crude supply, product exchanges and continued use of certain brands.

  • Popular on energynews.pro
BP and Chevron invest over $110mn in targeted Gulf of Mexico blocks
Ashgabat brings together Russia, Turkey and Iran around new regional gas partnerships
Controllable solar hits strategic threshold at $65/MWh despite China supply risk
BHP sells 49% of its Pilbara power network to GIP for $2 billion
United States adds 11.7 GW of renewable capacity in Q3 despite uncertainty
Potentia Energy secures $553mn financing to support its Australian portfolio
Potentia Energy has secured $553mn in financing to optimise its operational renewable assets and support the delivery of six new projects totalling over 600 MW of capacity across Australia.
Drax to invest up to £2bn to transform coal power station into data centre
Drax plans to convert its 1,000-acre site in Yorkshire into a data centre by 2027, repurposing former coal infrastructure and existing grid connections.
EDF installs 180-tonne synchronous compensator in Guadeloupe to secure power grid
EDF has inaugurated a synchronous compensator in Guadeloupe to enhance the stability of an isolated power grid, an unprecedented initiative aiming to reduce dependence on thermal plants and the risk of prolonged outages.
NGE and AREC launch an energy network to shape Magna Porta
NGE and the Agence Régionale Énergie Climat Occitanie form a partnership to develop a heating and cooling network designed to support economic activity in the Magna Porta zone, with locally integrated production solutions.
GEODIS and EDF sign deal to decarbonise global logistics chain
GEODIS and EDF have signed a strategic partnership to cut emissions from logistics and energy flows, with projects planned in France and abroad.
ExxonMobil cuts $10 billion from its low-carbon plans by 2030
The American oil group now plans to invest $20 billion in low-emission technologies by 2030, down from the $30 billion initially announced one year earlier.
Chinese cleantech investments reshape the global industrial energy map
More than $80bn in overseas cleantech investments in one year reveal China’s strategy to export solar and battery overcapacity while bypassing Western trade barriers by establishing industrial operations across the Global South.
Exxaro expands its energy assets and strengthens renewable capacity
Exxaro increases its energy portfolio in South Africa with new wind and solar assets to secure power supply for operations and expand its role in independent generation.
Plenitude acquires ACEA Energia for €587mn and accelerates European growth
Plenitude acquires full ownership of ACEA Energia for up to €587mn, adding 1.4 million customers to its portfolio and reaching its European commercial target ahead of schedule.
ABB takes stake in OctaiPipe to optimise data centre operations
ABB invests in UK-based start-up OctaiPipe to strengthen its smart energy-saving solutions for data centre infrastructure.
Enbridge forecasts EBITDA up to CAD20.8bn for 2026 and raises dividend
Enbridge has announced a 3% increase in its annual dividend for 2026 and expects steady revenue growth, with up to CAD20.8bn ($15.2bn) in EBITDA and CAD10bn ($7.3bn) in capital investment.
Axess Group signs strategic agreement with ARO Drilling in Saudi Arabia
Axess Group has signed a memorandum of understanding with ARO Drilling to deliver asset integrity management services across its fleet, integrating digital technologies to optimise operations.
Eskom forecasts $937 million profit for 2026 fiscal year
South African state utility Eskom expects a second consecutive year of profit, supported by tariff increases, lower debt levels and improved operations.
Equans launches new entity for industries with complex processes
Equans Process Solutions brings together its expertise to support highly technical industrial sectors with an integrated offer covering the entire project lifecycle in France and abroad.
Zenith Energy shifts focus between Tunisian arbitration and Italian solar assets
Zenith Energy centres its strategy on a $572.65mn ICSID claim against Tunisia, an Italian solar portfolio and uranium permits, amid financial strain and reliance on capital markets.
Kamoa-Kakula mine in DRC targets 347 MW in electricity demand by 2028
Ivanhoe Mines expects a 67% increase in electricity consumption at its copper mine in DRC, supported by new hydroelectric, solar and imported supply sources.
Q ENERGY France and AMRF sign agreement to accelerate rural electrification
Q ENERGY France and the Association of Rural Mayors of France have entered a strategic partnership to develop local electrification and support France's energy sovereignty through rural territories.
ACWA Power and Aramco secure $8.2bn financing for 15 GW renewable projects
ACWA Power, Badeel and SAPCO have secured $8.2bn in financing to develop seven solar and wind power plants with a combined capacity of 15 GW in Saudi Arabia, under the national programme overseen by the Ministry of Energy.
Hydro-Québec posts $2.83bn net income driven by electricity exports
Hydro-Québec reports a 29% increase in net income over nine months in 2025, supported by a profitable export strategy and financial gains from an asset sale.
Antin plans to sell Idex, valued up to €4 bn, by 2026
Antin Infrastructure Partners is preparing to sell Idex in early 2026, with four North American funds competing for a strategic asset in the European district heating market.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.