White & Case advises EPH on 50/50 joint venture with TotalEnergies valued at €10.6 billion

White & Case advised Energetický a průmyslový holding, a.s. (EPH) in connection with the establishment of a 50/50 joint venture with TotalEnergies. The transaction creates a joint venture valued at €10.6 billion that will operate and develop a leading portfolio of flexible electricity production assets across targeted European markets, notably Italy, the Netherlands, the United Kingdom, Ireland and potentially France. The operation comprises the sale by EPH of a 50% interest in its existing flexible power generation assets to TotalEnergies. The portfolio includes gas-fired power plants, biomass assets, battery energy storage systems (BESS) and B2B energy supply activities in Italy, the UK and Ireland, the Netherlands and, subject to the completion of information and consultation processes with employee representative bodies, potentially in France. In return EPH will receive the equivalent of €5.1 billion in TotalEnergies shares, corresponding to 95.4 million newly issued ordinary shares and representing approximately 4.1% of TotalEnergies’ share capital. The transaction is subject to customary conditions, including information and consultation of the relevant employee representative bodies and approval by the competent regulatory authorities. Completion is expected in mid-2026. EPH is one of Europe’s largest private energy groups, operating a vertically integrated portfolio of energy infrastructure and flexible power generation across Western and Central Europe, with activities spanning gas transmission and distribution, gas storage, heat infrastructure and power generation, and a substantial portion of its activities in regulated, quasi-regulated, contractual or hedged segments. TotalEnergies is a global multi-energy integrated company active in oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity, with more than 100,000 employees in approximately 120 countries. White & Case represented EPH with a team composed by: Saam Golshani, partner; Franck De Vita, partner; Simon Martin-Gousset, associate — on M&A and securities matters; Alexandre Jaurett, partner; Cécilia Grosjean, associate — on employment matters; and Sarah Kouchad, associate — on tax matters. The firm’s London, Prague, Milan and Brussels offices also participated in the transaction.

White & Case advises EPH on 50/50 joint venture with TotalEnergies valued at €10.6 billion

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