Total closed acquisition of 73.04% stake in Direct Energie

Total has completed the acquisition of 73.04% stakes in the electricity and gas supplier, Direct Energie. The deal comes after the agreement signed in April 2018 between the two companies. Total has acquired the interest for €42 per share, or a total of about €1.4 billion (USD 1.6bn) giving the company 95.37% of the share capital and at least 95.33% of the voting rights in Direct Energie.

Direct Energie has been operating in  France and Germany for over 2.6 million residential and non-residential customers. It has several portfolios of renewable and power plants that provide power for its consumers. The takeover deal will enable Total to grab a significant share of the French retail electricity market and challenge state-controlled utility Electricite de France. 

The deal also covers an acquisition of G2mobility, which provides electric vehicle charging solutions, however, financial details were not disclosed.

With the transaction, Total filed a mandatory tender offer for the remaining Direct Energie shares it does not own at the same price of €42 per share.