On May 8, 2024, Trafigura Group Pte Ltd expanded its agreement with Brookfield Asset Management and its listed affiliate Brookfield Business Partners to include Greenergy’s Canadian supply operations for an undisclosed sum. This addition complemented Trafigura’s proposed acquisition of Greenergy’s European operations announced on March 4, 2024. The acquisitions were subject to customary closing conditions and regulatory approvals.

Founded in 1992, Greenergy is one of Europe’s largest suppliers of biofuels with manufacturing plants in the UK and the Netherlands and is a leading distributor of road fuels in the UK. Greenergy entered the Canadian market in 2013, supplying commercial and wholesale customers with a range of road fuels, including higher percentage biodiesel blends from its rail-fed terminals in Ontario and British Columbia.

Ben Luckock, Global Head of Oil at Trafigura, emphasized the strong commercial synergies between Greenergy’s Canadian business and Trafigura’s global operations in distillates, gasoline, and biofuels. Christian Flach, CEO of Greenergy, expressed delight at the inclusion of their Canadian supply operations in the transaction, highlighting Trafigura’s financial strength as a platform for growth across Canada.

Legal advisors for the transaction were Stikeman Elliott LLP for Trafigura Group and A&O Shearman for Brookfield.