ADNOC Distribution acquires Shell South Africa

ADNOC Distribution, the retail arm of Abu Dhabi National Oil Company, has entered into a definitive agreement to acquire 100% of Shell Downstream South Africa for an implied enterprise value of approximately $1 billion. The acquisition covers 580 service stations, wholesale fuels, aviation, lubricants, and around 360 convenience stores. Shell's divestment completes its exit from South Africa's downstream sector after more than a century of operations. ADNOC Distribution plans to sell a 28% stake to a local empowerment partner and employee share ownership plan, retaining a 72% majority. The Shell brand will continue under a long-term licensing agreement. Completion is expected in 2027, subject to regulatory approvals. The deal is expected to be 6% accretive to ADNOC Distribution's EPS in the first full year.