Total to pay €1.4 bln for Direct Energie

Multinational

PARIS, April 19, 2018 – Total has agreed to buy 74.33% of utility Direct Energie for EUR 1.4 billion, the super-major announced on Wednesday.

“Through this transaction, Total is actively pursuing its development in electricity and gas generation and distribution in France and Belgium,” said Patrick Pouyanné, Total’s chairman and CEO, in a statement. “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.”

The acquisition will allow Total to target 6 million French customers and over 1 million Belgian customers by 2022, the statement added.

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