Deal Structure: Cash, Shares and Influence
To complete the transaction, TotalEnergies will issue 5.4 million newly minted shares to Energetický, priced at €53.94 each—amounting to 4.1% of the company’s share capital. Once finalized, Energetický will become one of TotalEnergies’ most influential shareholders.
The French supermajor expects the deal to close by mid-2026, pending regulatory approval and employee consultations. When finalized, the two companies will jointly operate the power plants, though each will maintain its own sales channels. Both will also pay fees to the joint venture for the use of generating capacity, rather than trading electricity directly.
CEO: A Strategic Leap in the Energy Evolution
TotalEnergies Chair and CEO Patrick Pouyanné described the acquisition as a move that “fully capitalizes on gas-to-power integration” while enhancing the value of the company’s liquefied natural gas operations—independent of fluctuating oil cycles.
TotalEnergies believes the partnership will immediately boost its financial performance, expecting an additional $750 million in annual free cash flow over the next five years—enough to support dividends tied to the newly issued shares.
