By Pierre Bertrand

TotalEnergies said on Tuesday that it is buying out Total Eren's other shareholders, increasing its stake in the renewable energy producer to 100% up from around 30% previously.

The French oil and gas company said the deal is based on an enterprise value of 3.8 billion euros ($4.21 billion) for Total Eren.

TotalEnergies said the acquisition of the remaining 70.8% of shares it didn't own represents a net investment of around EUR1.5 billion.

The deal follows from an initial strategic agreement signed in 2017 between the two companies which granted TotalEnergies the right to acquire the company after a period of five years.

TotalEnergies said Total Eren teams will be fully integrated within its renewables business unit.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 25, 2023 02:42 ET (06:42 GMT)

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