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North Atlantic signs to acquire Esso S.A.F. from ExxonMobil before end of 2025

North Atlantic finalises agreement to acquire ExxonMobil’s stake in Esso S.A.F., marking a decisive step in a strategic transfer in France. Completion remains subject to regulatory approvals expected this quarter.

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North Atlantic France SAS has signed an acquisition agreement to purchase the entire stake held by ExxonMobil France Holding SAS in Esso S.A.F. and ExxonMobil Chemical France SAS. The transaction, officially announced following consultation with the employee representative bodies, marks a major step forward in the divestment process initiated several months ago.

Completion subject to regulatory approvals

According to the agreed terms, the transaction remains subject to various regulatory approvals and the finalisation of certain financing agreements. Completion is scheduled for the last quarter of 2025. The operation includes a price adjustment based on the valuation of ten million barrels of Brent crude, using as reference the price on 31 December 2024 and the price at the time Esso S.A.F.’s inventories are transferred to a banking institution.

The Board of Directors of Esso S.A.F., which met on 17 September 2025, approved several measures in preparation for the change of control. These include the convening of a general shareholders’ meeting on 4 November 2025 to vote on a reserve distribution of €60.21 per share, as well as a proposal to change the corporate name.

Asset disposals and related financial operations

At the same time, Esso S.A.F. approved the sale of its lubricants and speciality products business to ExxonMobil for an estimated amount of €8mn, including €3mn in inventories. The company also approved the sale of certain trademarks and intellectual property rights to ExxonMobil for €20mn. These disposals, totalling approximately €28mn, will increase Esso S.A.F.’s available cash and be factored into the purchase price adjustments for the controlling block in line with the 28 May 2025 press release.

An independent expert will soon be appointed to prepare a report on the price offered in the upcoming public tender offer for the remaining Esso S.A.F. shares held by the public. This step continues the transformation process initiated with ExxonMobil’s gradual exit from the capital.

Continued operations during the transition

Esso S.A.F. stated that all operations will be maintained during this period to ensure uninterrupted service to clients until the transaction is fully completed. The company’s financial and operational calendar will be adjusted based on the effective transfer date and fluctuations in Brent pricing.

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