Paris, FRANCE, November 28, 2025 (GLOBE NEWSWIRE) —
North Atlantic France SAS successfully completes the acquisition of a majority stake in Esso Société Anonyme Française SA and 100% of ExxonMobil Chemical France SAS, two independent companies of the ExxonMobil group.
- Successful completion of the acquisition by North Atlantic France SAS (“North Atlantic France”) of 82.89% of the controlling interest of ExxonMobil France Holding SAS (“ExxonMobil”) in the French listed company Esso Société Anonyme Française SA (“Esso SAF”) at a price of €26.19 per share and 100% of the non-listed company ExxonMobil Chemical France SAS (“EMCF”).
- Registration of a permit for foreign direct investment in France and the EU Regulation on foreign subsidies
- Esso SAF now operates under a new name: North Atlantic Energies.
- North Atlantic reaffirms its long-term commitment to the Gravenchon plant, its employees and the energy and industrial future of France.
- A mandatory tender offer will be launched for the remaining Esso SAF shares at a price of €28.93.1per share
Paris, FRANCE – November 28, 2025 – North Atlantic France today announces the successful completion of the acquisition of 82.89% of the majority stake in Esso SAF at a price of €26.19 per share and 100% of EMCF from ExxonMobil following a competitive auction commenced in 2024.
The transaction has received all necessary regulatory approvals, including French foreign direct investment approval and approval under the EU Foreign Subsidies Regulation. As of today's closure, Esso SAF has been renamed North Atlantic Energies, paving the way for a new chapter for a key player in France's energy and industrial landscape.
Ted Lomond, President and CEO of North Atlantic Group said:
“This acquisition represents an important step forward in North Atlantic's international expansion. Over the past four decades, we have successfully transformed and operated complex industrial assets across Canada, combining safety, productivity and sustainability. We bring the same commitment to France, where we are committed to investing for the long term and supporting the energy transition. With North Atlantic Energies, we are proud to have established a bridge between North America and Europe that reflects our commitment to creating a leading transatlantic energy group.“
Simon Fenner, President of North Atlantic France, added:
“Today marks the start of a new chapter in the history of North Atlantic Energies and is a strong signal of our long-term confidence in the Gravenshawn enterprise and its teams. I am proud of all the teams involved in the successful transition and our shared commitment to strengthening Gravenchon's position as a world-class industrial platform. in the coming years. We see great opportunities to invest, grow and contribute to the vitality of the Normandy region and to the energy and industrial future of France.“
North Atlantic will ensure that North Atlantic Energies fulfills its commitment to maintaining the highest standards of product quality and service, and to maintaining trusted relationships with its customers in France and beyond. North Atlantic Energies will also continue to collaborate with ExxonMobil on long-term supply and technology agreements that ensure continuity of operations while supporting innovation and reliability.
Next steps
In accordance with French securities legislation, France will carry out a simplified tender offer (“Offer“) for the remaining shares of North Atlantic Energies not already owned by North Atlantic France, at an offer price of €28.93 per share. In this context, as previously announced, the Board of Directors of Esso SAF, now North Atlantic Energies, has appointed Ledouble SAS, represented by Ms. Agnès Pinio and Mr. Romain Delafonte, as an independent expert to provide an opinion on the fairness of the financial terms of the offer that North Atlantic France intends to make to the AMF upon completion of the work of the independent expert in the North Atlantic. France also intends to implement the buyback procedure if the conditions are met at the end of the offer.
MEDIA CONTACTS
France: Brunswick Group – [email protected]
Hugues Boethon: +33 6 79 99 27 15
Pavel Priam: +33 6 84 39 09 89
Canada: Mark Duggan – [email protected]
+1-709-687-3136
ABOUT NORTH ATLANTIC
For nearly four decades, North Atlantic has been a market leader in the gas and utility retail, residential, commercial and wholesale fuel industries in Newfoundland and Labrador. Recently, through a joint venture with Suncor Energy, North Atlantic expanded its retail division to Nova Scotia and Prince Edward Island through North Sun Energy. As managing partner, North Atlantic operates 110 fuel retail locations across all three provinces. North Atlantic has ambitious plans for future growth and development in strategic locations in the region.
Renowned for its expertise in sourcing and delivering exceptional products, North Atlantic serves both the domestic and industrial sectors and also serves customers worldwide through its marine bunkering distribution channels.
North Atlantic is committed to strategic growth by delivering innovative and clean energy solutions to meet changing global needs. By promoting industrial growth, North Atlantic supports new skills and new jobs in this dynamic landscape. North Atlantic remains committed to delivering exceptional energy, fuel and convenience retail initiatives that enhance the customer experience while driving economic growth in the communities they serve across Canada and beyond.
1 The difference between the offer price of €28.93 per share and the stake purchase price of €26.19 per share reflects the exclusion, for purposes of the price offered to minority shareholders, of the downward purchase price adjustment agreed with ExxonMobil in respect of certain post-closing social obligations, as previously disclosed on September 24, 2025 and November 10, 2025.
