Total completes Direct Energie acquisition

Patrick Pouyanne
Patrick Pouyanne

Total has finalised a deal to buy 73% of European utility firm Direct Energie for £1.2billion.

The transaction was first announced in April.

Total chief executive Patrick Pouyanne said: “This operation allows us to accelerate our integration downstream along the full gas and power value chain and to reach critical mass in the French and Belgium markets where we are growing fast.”

Direct Energie chief executive Xavier Caitucoli said: “The board unanimously recommends to Direct Energie’s shareholders to tender their shares. This operation is indeed extremely positive for Direct Energie, its teams and clients.”