French oil and gas major TotalEnergies has today (July 25) announced it is buying out Total Eren’s other shareholders to take its stake from almost 30% to 100%, representing a net of investment of around €1.5bn ($1.65bn).
With the Total Eren team set to be integrated within TotalEnergies’ renewable business unit, Total Eren’s previously launched green hydrogen projects will be undertaken through a new partnership under an entity named TEH2 – 80% owned by TotalEnergies and 20% owned by Eren Group.
Valued on an enterprise value basis of €3.8bn ($4.2bn), TotalEnergies said the acquisition of the remaining 70.8% represented a net investment of approximately €1.5bn.
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