European energy markets are buzzing after a massive power-for-shares swap between two industry heavyweights. TotalEnergies and EPH just pulled off a whopper of a deal worth 10.6 billion euros – that’s about $11.5 billion for those keeping score at home. The transaction? Pretty straightforward. EPH handed over half its Eastern European power assets, and TotalEnergies forked over a 4.1% stake in its company. Just like that.
The stake that Daniel Křetínský’s EPH received is worth approximately $5.9 billion, instantly making the company TotalEnergies’ fourth-largest shareholder. Not too shabby for a day’s work.
Czech billionaire Křetínský snagged $5.9 billion in TotalEnergies shares, rocketing EPH to fourth-largest shareholder status overnight.
The assets changing hands aren’t exactly small potatoes either – we’re talking about 11 gigawatts of installed capacity spread across multiple European countries. Gas plants, biomass facilities, battery storage – the whole package. These power plants crank out about 30 terawatt-hours of electricity annually. That’s a lot of juice.
For TotalEnergies, this means immediate access to a diverse portfolio of flexible generation assets across Europe. For EPH, it means liquidity, strategic flexibility, and a stronger balance sheet. This deal arrives as EPH reported 2.1 billion euros in net profit for the first half of the year. Win-win, apparently.
The companies are calling this a strategic partnership supporting European energy security. Sure, whatever helps them sleep at night. But the truth is, it’s actually a smart move for both sides. This shift aligns with the broader renewable revolution transforming America’s climate future.
Looking ahead, there’s plenty more action on the horizon. Three gigawatts of new projects are already under construction, with another five gigawatts identified for potential acquisition. The joint venture will focus on flexible energy sources excluding coal assets.
EPH employees will keep running the remaining assets while TotalEnergies absorbs its new prizes into European operations.
The deal supports EPH’s goal to ditch coal by 2030. Shifting away from dirty energy while scoring billions in shares? Křetínský’s playing chess while others are playing checkers.
Regulatory approvals are still needed, but assuming everything goes smoothly, this swap will stand as one of the largest European energy sector deals in recent years. The energy landscape just got more interesting.
References
- https://www.e15.cz/byznys/prumysl-a-energetika/kretinsky-za-ctvrt-bilionu-ziska-podil-ve-francouzskem-obrovi-totalenergies-1428859
- https://www.hrot24.cz/clanek/eph-zisk-pololeti-2025-akvizice-slovenske-elektrarne-daniel-kretinsky-HaYuw
- https://forbes.cz/lists/nejbohatsi-lide-sveta-2025/cesti-dolarovi-miliardari/daniel-kretinsky/
- https://www.telegraph.co.uk/business/2025/11/17/royal-mail-owner-gets-45bn-stake-in-french-oil-giant/
- https://energynews.oedigital.com/oil-gas/2025/11/17/totalenergies-corsica-and-partners-fined-217-million-over-fuel-deal
- https://finimize.com/content/czech-billionaire-kretinsky-expands-his-european-empire
