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Total to buy Direct Energie in $1.7 billion deal

Total entered into an agreement with Direct Energie.

Total to buy Direct Energie in $1.7 billion deal

Paris, April 18 - Neftegaz.RU. Total announced today that it has entered into an agreement with Direct Energie to acquire 74.3% of its capital for $1.73 billion.

«This friendly takeover is part of the group's strategy to expand along the entire gas-electricity value chain and to develop low-carbon energies, in line with our ambition to become the responsible energy major», Total CEO Patrick Pouyanne said.

Total is pursuing the deal in order to accelerate its ambition for gas and electricity in France and Belgium. Direct Energie currently has a portfolio of 2.6 million clients and its combination with Total will target over 6 million customers in France and over 1 million customers in Belgium by 2022, the company said.

The deal values Direct Energie at 12.5 times its 2018 projected ebitda.

Direct Energie chief executive Xavier Caïtucoli said: «We welcome this transaction with pride and enthusiasm and we are convinced that combining with Total will be to the benefit of our customers. The Direct Energie teams will be at the heart of the strategy of one of the greatest French companies. I have no doubt that their hard work, creativity and talents will allow the new entity to expand its ambitions».

To read this news in Russian.

Source : Neftegaz.RU

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