Published by Global Banking & Finance Review®
Posted on November 17, 2025
2 min readLast updated: January 21, 2026
TotalEnergies partners with EPH in a €5.1 billion deal to enhance its European power portfolio, focusing on flexible and renewable energy sources.
By Alban Kacher
(Reuters) -French oil major TotalEnergies said on Monday it has agreed to acquire 50% of Czech energy company EPH's flexible power generation platform in Western Europe in a 5.1 billion euro ($5.92 billion) all-stock transaction.
Under the agreement, EPH, majority-owned by Czech billionaire Daniel Kretinsky, will receive 5.1 billion euros ($5.92 billion) in TotalEnergies shares, making it one of the French energy major’s largest shareholders with about 4.1% of its capital.
The deal marks a further step in TotalEnergies’ push to become a leading integrated electricity player in Europe, combining renewables with flexible generation to meet rising demand from sectors such as data centres.
The transaction will create a 50-50 joint venture managing gas-fired and biomass plants and battery systems across Italy, the UK, Ireland, the Netherlands and France.
Kretinsky, one of Europe’s most prominent energy and media investors, also has stakes in companies including Royal Mail and French retailer Casino.
TotalEnergies expects the transaction to be immediately accretive to free cash flow per share and to bring forward positive cash contribution from its Integrated Power segment to 2027 from 2028 previously.
Completion is expected by mid-2026, subject to regulatory approvals.
($1 = 0.8613 euros)
($1 = 0.8611 euros)
(Reporting by Alban Kacher; Editing by Emelia Sithole-Matarise and Dominique Patton)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
Flexible power generation refers to energy production systems that can quickly adjust output to meet changing demand, often incorporating renewable sources and technologies like gas-fired plants.
An all-stock transaction is a type of acquisition where the purchasing company uses its own shares as currency to buy another company, rather than using cash.
Free cash flow is the cash generated by a company after accounting for capital expenditures, which can be used for expansion, dividends, or debt repayment.
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