ExxonMobil Corp. said on Wednesday it has entered exclusive negotiations to sell its controlling interest in Esso SAF to North Atlantic France SAS, signaling a significant realignment of its business in France.

The deal would transfer ExxonMobil’s 82.89% stake in the company and is expected to close by the end of 2025.

The proposed transaction also includes ExxonMobil’s holdings in ExxonMobil Chemical France SAS. The sale price, set at 149.19 euros per share before distributions, is subject to various adjustments related to cash balances, oil inventory value, and interest accruals. Esso SAF may issue up to 63.36 euros per share in pre-sale distributions, further enhancing shareholder returns.

A put option agreement gives North Atlantic the right to acquire the stake pending regulatory clearance and financing. Under the same terms, a mandatory tender offer for the remaining shares is anticipated in early 2026.

Also Read: Trump’s 2025 Energy Policy: A Resurgence Of Fossil Fuel

While ExxonMobil ( XOM ) plans to divest its equity interest, it will continue supplying crude and licensing the Esso brand under long-term agreements with Esso SAF. Retail operations in France, including about 750 branded sites, are expected to remain active.

The deal ensures job security for roughly 1,350 French employees, including those already affected by a prior redundancy plan. North Atlantic expressed commitment to strengthening Gravenchon’s role as a core energy hub in France.

Both companies presented the deal as part of a broader strategic shift; ExxonMobil ( XOM ) continues to streamline its global footprint, while North Atlantic seeks to expand its energy presence across the Atlantic.

In early May, ExxonMobil ( XOM ) announced a deal with Marubeni to supply 250,000 tonnes of low-carbon ammonia annually from its upcoming Baytown, Texas facility. Marubeni will also take a stake in the project, which aims to support Japan’s decarbonization using U.S.-produced hydrogen with 98% CO₂ capture.

Related ETFs: Energy Select Sector SPDR Fund ( XLE ) , iShares Global Energy ETF ( IXC )

Price Action: XOM shares are trading lower by 0.31% to $103.19 at last check Wednesday.

Read Next:

Trump’s ‘Big Beautiful Bill’ Advances: Here’s Who Wins And Loses