Total: to takeover Direct Energy for 1.9 billion euros
(CercleFinance.com) - Total has agreed to buy out 74.
3% of energy distributor Direct Energie's capital from its main shareholders at a unit price of 42 euros per share (dividend of 0.35 euro detached), which represents an instant premium of 30%.
A takeover bid will then be launched under the same conditions on the remaining capital, which will value the entire target at around 1.9 billion euros, or about 12.5x 2018e EBITDA.
In doing so, the French oil and gas group intends to step up its aims in gas and electricity in France and Belgium as an alternative supplier. It will combine its current portfolio of 1.5 million customer sites with that of Direct Energie (2.6 million), considering that Total in 2022 aims to have over six million clients in France, and over one million in Belgium.
Patrick Pouyanné, Chairman and CEO of Total said, "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."
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3% of energy distributor Direct Energie's capital from its main shareholders at a unit price of 42 euros per share (dividend of 0.35 euro detached), which represents an instant premium of 30%.
A takeover bid will then be launched under the same conditions on the remaining capital, which will value the entire target at around 1.9 billion euros, or about 12.5x 2018e EBITDA.
In doing so, the French oil and gas group intends to step up its aims in gas and electricity in France and Belgium as an alternative supplier. It will combine its current portfolio of 1.5 million customer sites with that of Direct Energie (2.6 million), considering that Total in 2022 aims to have over six million clients in France, and over one million in Belgium.
Patrick Pouyanné, Chairman and CEO of Total said, "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."
Copyright (c) 2018 CercleFinance.com. All rights reserved.