Czech Billionaire Sells Stake in Power Plants Business to TotalEnergies for $5.1 Billion
In a major energy deal, Czech billionaire Daniel Křetínský's electricity generation business, Energetický a průmyslový holding (EPH), has agreed to sell a 50% stake to French oil company TotalEnergies for approximately €5.1 billion ($5.7 billion). The deal marks one of the largest investments in Europe by a foreign entity and makes Křetínský's power generation business one of TotalEnergies' biggest investors.
The transaction will give TotalEnergies significant control over EPH, which operates electricity generation assets across the UK, France, Netherlands, and Italy. The deal also involves the creation of a new 50/50 joint venture between TotalEnergies and Křetínský's company, which will own enough UK power stations to meet the demand of over three million homes.
Křetínský's move is part of his efforts to diversify his business portfolio. The Czech billionaire has previously invested in several high-profile ventures, including Royal Mail and West Ham United football club. His estimated fortune is £7.79 billion (approximately $10 billion).
The deal comes as TotalEnergies seeks to expand its presence in the UK power market and create a network of customers for its gas. The company's chair and CEO, Patrick Pouyanné, hailed the transaction as "a leading player in European flexible power generation" and said it would enable TotalEnergies to fully capitalize on gas-to-power integration.
The acquisition marks a significant shift for Vattenfall, Sweden's state-owned energy company, which has agreed to sell its independent energy networks to Eclipse Power Networks, an electricity networks company owned by the Octopus Group. The deal is part of Vattenfall's exit from the UK electricity distribution market.
In a major energy deal, Czech billionaire Daniel Křetínský's electricity generation business, Energetický a průmyslový holding (EPH), has agreed to sell a 50% stake to French oil company TotalEnergies for approximately €5.1 billion ($5.7 billion). The deal marks one of the largest investments in Europe by a foreign entity and makes Křetínský's power generation business one of TotalEnergies' biggest investors.
The transaction will give TotalEnergies significant control over EPH, which operates electricity generation assets across the UK, France, Netherlands, and Italy. The deal also involves the creation of a new 50/50 joint venture between TotalEnergies and Křetínský's company, which will own enough UK power stations to meet the demand of over three million homes.
Křetínský's move is part of his efforts to diversify his business portfolio. The Czech billionaire has previously invested in several high-profile ventures, including Royal Mail and West Ham United football club. His estimated fortune is £7.79 billion (approximately $10 billion).
The deal comes as TotalEnergies seeks to expand its presence in the UK power market and create a network of customers for its gas. The company's chair and CEO, Patrick Pouyanné, hailed the transaction as "a leading player in European flexible power generation" and said it would enable TotalEnergies to fully capitalize on gas-to-power integration.
The acquisition marks a significant shift for Vattenfall, Sweden's state-owned energy company, which has agreed to sell its independent energy networks to Eclipse Power Networks, an electricity networks company owned by the Octopus Group. The deal is part of Vattenfall's exit from the UK electricity distribution market.
. Crazy how Křetínský, one of Czech billionaires, is cashing out at like $5.7 billion 
. Not sure what's gonna happen to EPH's assets in the UK and Europe though 
. Wonder if this deal will affect the energy prices for households and businesses. Guess only time'll tell 
. TotalEnergies' move makes sense I s'pose, they're expanding their presence in the UK power market and gas networks. Hope it benefits customers more than just shareholders 
TotalEnergies got a great spot with Křetínský's stake in eph, i'm sure it'll be a win-win for both parties 
this deal is HUGE and it smells like big business to me... totalenergies is basically buying its way into the heart of europe's power generation game 
and it looks like vattenfall is getting out of the game too, which is a bit sad cuz they were one of the big players 
I'm literally shocked that Křetínský sold out like this! He was known for being super private and careful with his investments 
. The guy has gotta pay the bills after all 
. TotalEnergies might know how to play the game, but can they still care about the planet? 
I swear, sometimes I feel like we're living in some sort of dystopian sci-fi novel where the biggest corporations dictate our lives.
Debt problems in the Premier League?