TotalEnergies Buys Out Renewables Producer Total Eren
25 Julho 2023 - 3:57AM
Dow Jones News
By Pierre Bertrand
TotalEnergies said on Tuesday that it is buying out Total Eren's
other shareholders, increasing its stake in the renewable energy
producer to 100% up from around 30% previously.
The French oil and gas company said the deal is based on an
enterprise value of 3.8 billion euros ($4.21 billion) for Total
Eren.
TotalEnergies said the acquisition of the remaining 70.8% of
shares it didn't own represents a net investment of around EUR1.5
billion.
The deal follows from an initial strategic agreement signed in
2017 between the two companies which granted TotalEnergies the
right to acquire the company after a period of five years.
TotalEnergies said Total Eren teams will be fully integrated
within its renewables business unit.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 25, 2023 02:42 ET (06:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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