Moroccan Firm Akwa Africa to Acquire TotalEnergies’ Mauritanian Subsidiary for $185 Million

"The ongoing concentration (acquisition) process has been the subject of two forfeiture contracts signed by the parties on September 22, 2022, which submits it to notification in accordance with Article 13 of Law No. 12.104," the Competition Council specifies in its decision authorizing Akwa Africa to acquire 100% of the share capital and voting rights of the company Total Mauritanie. Amount of the transaction: $185 million.

A subsidiary of Akwa Group belonging to the Akhannouch and Wakrim families, Akwa Africa is an investment company based in Casablanca Finance City that aims to acquire stakes in companies operating in sub-Saharan Africa active in the import, storage, trading and distribution of fuels, as well as in the import, storage, packaging, trading and distribution of liquefied petroleum gas.

Total Mauritanie, a Mauritanian joint-stock company, is the subsidiary of the company "Africa Marketing TotalEnergies". It is involved in the sale of gasoline, diesel and other non-petroleum products through its network of stations in Mauritania, as well as in the sale of petroleum products to industrial customers, in the direct fishing sector and in the aviation sector.