Total buys electricity retailer Direct Energie for €1.4bn

French oil major Total said on Wednesday it would buy Direct Energie in a €1.4bn deal, continuing its expansion into the residential power market and throwing down a gauntlet to incumbents like EDF.

Total said Direct Energie’s board had approved Total’s plan to acquire three-quarters of the French energy retailer’s capital.

Patrick Pouyanné, Total chief executive and chairman, said the “friendly” deal “is part of the group’s strategy to expand along the entire gas-electricity value chain and to develop low-carbon energies”.

Published in Financial Times, 18th April, 2018