ADNOC Distribution buys Shell South Africa assets in $1B deal

ADNOC Distribution agreed to acquire 100% of Shell Downstream South Africa in a transaction with an implied enterprise value of $1 billion before net debt and working-capital adjustments. The deal is above the finance-crawler $500 million M&A threshold and covers a national downstream platform rather than a small asset sale.

The company’s release distributed by PR Newswire says the package includes 580 company- and dealer-owned fuel stations, wholesale fuel, aviation and lubricants operations. FT’s markets feed timestamped the story at 2026-07-07T04:15:07Z, inside the 48-hour window, and described the acquisition as a major overseas expansion by ADNOC’s distribution arm.

The strategic number is not only the $1 billion price. A 580-station network gives ADNOC immediate retail scale in South Africa, while Shell exits a downstream position it held for more than a century as it reallocates capital toward higher-return businesses. ADNOC Distribution said the transaction is expected to be accretive to earnings per share in the first full year after completion, according to the release.

Completion remains subject to regulatory and other closing conditions, so the next watch item is approval timing and any required local ownership structure. Investors will also track whether ADNOC can lift non-fuel retail revenue and integrate wholesale, aviation and lubricants margins without diluting returns from the $1 billion entry price.

Not investment advice. Verify all figures with primary sources before acting.