PARIS (Reuters) – TotalEnergies said on Tuesday it had acquired 100% of Total Eren, raising its stake from nearly 30% to 100% for a net investment of around 1.5 billion euros.
As part of this transaction, the company Total Eren is valued at 3.8 billion euros, said the French oil group.
“With the acquisition and integration of this entity, we are opening a new chapter in our development. Total Eren’s expertise and its presence in geographical areas complementary to ours will strengthen our renewable activities and our ability to become a profitable and integrated player in electricity,” said TotalEnergies Chairman and CEO Patrick Pouyanné in a press release.
The integration of Total Eren should lead in 2024 to an increase in the net operating income of the Integrated Power segment of TotalEnergies of approximately 160 million euros and of the CFFO (cash flows related to operating activities, editor’s note) of approximately 400 million euros.
(Reporting by Sudip Kar-Gupta; Zhifan Liu, editing by Kate Entringer)
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