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North Atlantic France SAS has entered exclusive negotiations with ExxonMobil France Holding SAS to acquire a controlling 82.89% stake in Esso Soci茅t茅 Anonyme Fran莽aise (Esso S.A.F.) and 100% of ExxonMobil Chemical France SAS (EMCF). The transaction, outlined in a signed put option agreement, remains subject to consultations with employee representative bodies in compliance with French labor law.

North Atlantic, with nearly four decades of experience in the Canadian energy sector, aims to expand its operations in Europe by building upon ExxonMobil鈥檚 longstanding presence in France. The targeted facility in Gravenchon, Normandy, spans 1,500 acres and ranks as France鈥檚 second-largest refinery and one of Western Europe鈥檚 leading integrated chemical complexes. It features two distillation units, multiple conversion units, and associated logistics infrastructure, with the capacity to process 230,000 barrels of crude oil and other feedstocks per day.

North Atlantic intends to invest in the Gravenchon site to enhance capacity and long-term value while developing it into a green energy hub. The company plans to deploy low-carbon fuels and renewable energy solutions, emphasizing its commitment to energy transition and industrial resilience. North Atlantic has pledged to maintain existing employment levels, compensation and benefits packages as part of a carefully managed transition.

鈥淭his marks a pivotal moment in our journey to become a premier transatlantic energy company,鈥� said Ted Lomond, President and CEO of North Atlantic. 鈥淲e are integrating Canadian expertise with France鈥檚 skilled workforce to meet evolving global energy needs.鈥�

Simon Fenner, CEO of North Atlantic France, added, 鈥淲e are committed to preserving Gravenchon鈥檚 role in France鈥檚 energy future by ensuring long-term investment aligned with the nation鈥檚 decarbonization and energy security goals.鈥�

The proposed purchase price for the 82.89% stake in Esso S.A.F. is based on a pre-distribution value of 鈧�149.19 per share. Adjustments will reflect changes in distributed cash, accrued interest, and crude oil inventory value between the deal鈥檚 reference date of Dec. 31, 2024, and its expected completion in Q4 2025. Additional shareholder distributions totaling up to 鈧�63.36 per share are expected prior to closing, complementing a proposed 鈧�53 per share dividend scheduled for July 2025.

Pending regulatory approvals and financing arrangements, North Atlantic plans to launch a mandatory tender offer for remaining Esso S.A.F. shares in Q1 2026. Subject to conditions, a squeeze-out procedure may follow. The transaction also includes carve-outs for certain ExxonMobil intellectual property and marketing businesses, as well as long-term supply and licensing agreements with ExxonMobil affiliates to ensure continuity in operations.

ExxonMobil Chemical in France produces a wide array of products, including basic olefins, aromatics, ethylene glycol, polyethylene, and polypropylene. The company also specializes in elastomers, plasticizers, solvents, process fluids, oxo alcohols, and adhesive resins, along with synthetic lubricant base stocks, lubricant additives, propylene packaging films, and catalysts.