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The joint venture covers gas-fired, biomass plants, and batteries across five Western European countries, valuing assets at $12.3 billion, TotalEnergies said.
- TotalEnergies announced Monday a $5.9‑billion all‑stock transaction to acquire 50/50 of EPH's flexible power platform in Western Europe, with EPH receiving 5.1 billion euros in shares.
- The move supports the company's Integrated Power strategy as TotalEnergies pursues a 12% profitability target while expanding in Europe and the U.S., unlike BP and Shell.
- These assets are valued at $12.3 billion with a 50/50 joint venture and TotalEnergies will issue 95.4 million shares based on the twenty trading sessions before the signing date November 16.
- EPH would become one of TotalEnergies' largest shareholders with about 4.1% of share capital, and the assets include gas, biomass plants, and batteries across Italy, the United Kingdom, Ireland, the Netherlands, and France.
- Given its position as the #1 gas supplier in Europe, TotalEnergies chairman and CEO Patrick Pouyanné said the deal enables gas-to-power integration and adds value to its LNG chain independent of oil cycles.
30 Articles
30 Articles
TotalEnergies buys €5.1 billion stake in Kretinsky's power generation business
France's TotalEnergies has struck a partnership deal with Czech billionaire Daniel Kretinsky's firm EPH. It will create a 50-50 joint venture that will manage power plants across several western European countries with a total capacity of 14 gigawatts. In an all-stock deal, EPH will receive €5.1 billion worth of new Total shares and become its third-largest shareholder.
As part of the creation of a joint venture for electricity generation in Western Europe, TotalEnergies is expected to join forces with Daniel Kretinsky. The oil giant TotalEnergies is about to acquire 50% of a flexible electricity production platform where the businessman is the majority shareholder.
The major relies on the assets brought into a new joint venture by the Czech magnate – which becomes one of its key shareholders in the process. Objective: to advance the ambitions of the French group in terms of electricity production.
The French oil giant will invest in the gas and biomass plants in Europe of the Czech billionaire. Following this operation worth 5 billion euros, it will become one of the first shareholders of TotalEnergy.
On the occasion of an investment by the French major in gas power plants owned by the Czech billionaire, the latter will receive 4.1% of the shares of Patrick Pouyanné's group.
TotalEnergies Boosts Power Business with $5.9 Billion Europe Deal
TotalEnergies is expanding its power business in Europe with a multi-billion all-stock deal to buy 50% of the flexible power generation assets of Czech firm EPH. The French supermajor on Monday announced a $5.9-billion (5.1 billion euros) all-stock transaction with Energetický a pr?myslový holding, a.s. (EPH) to acquire 50% of its flexible power generation platform in Western Europe. The deal is for gas-fired and biomass power plants, as well …
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