Total to acquire nearly 75% stake in Direct Energie in approximately €1.4 billion deal
In a Wednesday announcement, French oil and gas major Total informed that the company has signed a deal for acquisition of French electricity utility Direct Energie.
Announcing the acquisition deal, Total -- the fourth-ranking international oil and gas company -- said that it will take over almost 75% of Direct Energie at a value which is nearly 12.5 times more than its projected 2018 EBITDA. More specifically, Total will pay approximately €1.4 billion ($1.73 billion) for the acquisition of Direct Energie.
About the Direct Energie acquisition move by Total, Patrick Pouyanné -- Chairman and CEO of Total -- said that, via the acquisition, Total is “actively pursuing its development in electricity and gas generation and distribution in France and Belgium.”
The transaction pertaining to the acquisition of Direct Energie by Total has already received the unanimous approval of the Board of Directors at Direct Energie. The company’s board has announced that the acquisition move will be recommended to the shareholders.
In a statement related to the acquisition, Direct Energie’s Chairman and CEO Xavier Caïtucoli said that the company’s acquisition by Total is a matter of “pride and enthusiasm” for the electricity utility because the merger will be potential beneficial for the consumers. Caïtucoli further asserted that the merger will put the Direct Energie teams “at the heart of the strategy of one of the greatest French companies.”
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