Daniel Křetínský, a Czechoslovakian tycoon, is set to become one of French oil major TotalEnergies’ largest shareholders.
The businessman and lawyer, nicknamed the “Czech sphinx”, recently sold the company a stake in his electricity generation assets, which include multiple power plants in the UK.
The billionaire agreed to sell a 50 per cent stake in his European power plant portfolio to TotalEnergies for approximately £4.5 billion in exchange for around 4.1 per cent of the oil company’s share capital.
Under the new agreement, Křetínský will become one of TotalEnergies’ most substantial investors. As a result of the deal, TotalEnergies will also possess a share in several electricity generation assets in France, Italy, the Netherlands and the UK via a joint venture.
TotalEnergies is a major importer of liquefied natural gas (LNG) into Europe, and the partnership with Křetínský will also offer it a customer network and support its expansion in power trading throughout Europe.
A global integrated energy company, TotalEnergies also operates the Total Lubricants range that delivers products ranging from compressor oil and coolant to gas engine oil for the power generation industry.
Serving as chair for his European energy business, Křetínský commented that he was interested in being one of TotalEnergies’ anchor shareholders for the long-term, and forming a joint business that would be at the forefront of flexible power generation in the continent. This year, the Czech billionaire became Royal Mail’s first foreign owner in its over 500-year history after closing a deal to purchase the British business’ parent company.
