November 28, 2025 [Storage Terminals Magazine]- North Atlantic France has announced the successful closing of its acquisition of an 82.89 percent controlling interest in Esso S.A.F. at €26.19 per share and 100 percent of EMCF from ExxonMobil following a competitive auction process initiated in 2024.

The transaction has received all required regulatory approvals, including French foreign direct investment authorisation and clearance under the EU Foreign Subsidies Regulation. As of today’s closing, Esso S.A.F. has been renamed North Atlantic Energies, marking the beginning of 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 a major 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, performance and sustainability. We bring that same commitment to France, where we aim to invest for the long term and support the energy transition. With the creation of North Atlantic Energies, we are proud to establish a bridge between North America and Europe which reflects our ambition to build a premier transatlantic energy group.”

Simon Fenner, president of North Atlantic France, added: “Today marks the start of a new chapter for North Atlantic Energies, and a strong signal of our long-term confidence in the Gravenchon site and its teams. I am proud of all the teams involved in making this transition a success, and of our shared ambition to strengthen Gravenchon’s position as a world-class industrial platform in the years to come. We see major opportunities to invest, to grow, and to contribute to the vitality of the Normandy region and to France’s energy and industrial future.”

North Atlantic will ensure that North Atlantic Energies sustains its commitment to maintaining the highest standards of product quality and service, and to sustaining trusted relationships with its customers across France and beyond. North Atlantic Energies will also continue to collaborate with ExxonMobil under long-term supply and technology agreements that ensure operational continuity while supporting innovation and reliability.

Next steps

In accordance with French securities law, North Atlantic France will implement a simplified tender offer (the “Offer”) for the remaining North Atlantic Energies shares not already held by North Atlantic France, at an offer price of €28.93 per share. In this context, and as previously disclosed, the board of directors of Esso S.A.F., now North Atlantic Energies, has appointed Ledouble SAS, represented by Ms. Agnès Piniot and Mr. Romain Delafont, as an independent expert to issue a fairness opinion on the financial terms of the Offer which North Atlantic France intends to file with the AMF upon completion of the independent expert’s work. North Atlantic France also intends to implement a squeeze-out procedure if the conditions are met at the end of the Offer.