Global law firm Freshfields is advising TotalEnergies SE (“TotalEnergies”) on its proposed all-stock acquisition of 50% of the flexible power generation platform of Energetický a průmyslový holding, a.s. (“EPH”) in Western Europe.  The portfolio with more than 14 GW of flexible generation in operation or under construction, comprises gas-fired and biomass power plants and batteries, in Italy, United Kingdom and Ireland, Netherlands and France, with an enterprise value of €10.6 billion.

The transaction is subject to the legal information and consultation process of the relevant employee representatives and to the approval of the competent authorities.  Completion is expected mid-2026.

The Freshfields multi-jurisdictional team is being led by partners Graham Watson, Richard Thexton and Hervé Pisani, alongside partners Doug Bryden, Peter Clements, Alastair Mordaunt and Gwen Senlanne, counsel Aïleen Legre and senior associates Tara Gazzard and Toby Halford.

Commenting on the transaction, Graham Watson said, “We are delighted to support TotalEnergies on another major deal - having advised on its US$7.45bn acquisition of Maersk Oil and now as it accelerates its gas-to-power integration strategy in Europe - with our expertise for complex, multi-jurisdictional energy and real asset deals and first class French M&A capability.”

Hervé Pisani said, “We are very pleased to advise TotalEnergies on another of its most significant transactions, combining our sector knowledge and our cross-border M&A expertise.”