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Adnoc Distribution, Reatile Group Sign Minority Stake Deal for Shell Downstream South Africa

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Abu Dhabi National Oil Co. for Distribution (ADX:ADNOCDIST), d/b/a Adnoc Distribution, said Thursday that Reatile Group will acquire a minority stake in Shell Downstream South Africa following completion of the former's acquisition of the business from Shell South Africa Holdings.

The Abu Dhabi-listed fuel distributor agreed to buy the Shell (SHEL.L, SHELL.AS) subsidiary at an enterprise value of $1 billion in July.

The agreement is aimed at supporting South Africa's Broad-Based Black Economic Empowerment policies to bolster local participation, energy security, and job creation.

Completion of Adnoc Distribution's acquisition remains subject to customary regulatory approvals and other closing conditions.

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