North Atlantic, a long-standing energy industry player with nearly four decades of operational experience in Atlantic Canada, has announced its strategic move into the French market with the planned acquisition of an 82.89 percent interest in Esso S.A.F. from ExxonMobil. The company aims to build upon ExxonMobil’s legacy in France by investing in and modernising one of Western Europe’s largest integrated chemical and refining complexes.
Located in the Normandy region on a 1,500-acre site, the Gravenchon facility includes two distillation trains, various conversion units, and associated logistics infrastructure. It currently has the capacity to process approximately 230,000 barrels of crude oil and feedstocks per day. This makes it France’s second-largest refinery and a key energy asset for the region.
North Atlantic’s strategy centres on increasing capacity, unlocking further value, and transforming the site into a future-oriented green energy hub. The company plans to leverage existing infrastructure to support low-carbon fuel production and renewable energy deployment. As part of the transition, North Atlantic has committed to maintaining current employment levels and compensation structures.
Ted Lomond, president and CEO of North Atlantic and president of North Atlantic France, commented:“This is a pivotal moment for North Atlantic as we enhance our transatlantic presence and commitment to energy security through innovative energy solutions aligned with global energy needs. Integrating the capabilities of the highly skilled and experienced professionals in France with our operational excellence in Canada demonstrates our commitment to growing North Atlantic into a premier transatlantic energy company.”
Simon Fenner, CEO of North Atlantic France, added:“We are eager to consolidate Gravenchon’s role as a vital centre of French energy and industry for decades to come. We see tremendous opportunity to grow the refinery complex with a strong commitment to being a long-term, responsible steward—aligned with France’s priorities for energy security, industrial resilience, and decarbonisation.”
Transaction Details
The proposed acquisition values Esso S.A.F. at a base price of €422 million for 100 percent of the shares, with a per-share price of €149.19 before any pre-acquisition distributions. Adjusted for an anticipated distribution of approximately €116.36 per share, the effective share price would be €32.83.
Key price adjustments include:
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Cash distributions made before the transaction closes.
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Ticking fee interest accrued on two base amounts, totalling €1.31 billion, from March 2, 2025, to the deal’s completion.
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Inventory adjustments based on the valuation difference for 10 million barrels of crude oil between December 31, 2024, and the closing date.
ExxonMobil also intends to facilitate further cash distributions before closing, including up to €63.36 per share in addition to a proposed €53 dividend per share, subject to shareholder approval.
Timeline and Tender Offer
Subject to regulatory approvals and financing arrangements, the acquisition is expected to be completed in Q4 2025. Following this, North Atlantic plans to file a mandatory tender offer for the remaining Esso S.A.F. shares on the same financial terms. If conditions permit, the company intends to pursue a squeeze-out process. The tender offer is projected for Q1 2026.
This acquisition marks a major milestone for North Atlantic, significantly expanding its international footprint and positioning the company to play a leading role in advancing France’s energy transformation and industrial sustainability goals.
For more information visit www.northatlantic.ca
