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EBM sells remaining shares in Direct Energie

This morning, energy company Total Group announced its plans to acquire around 75% of shares in Direct Energie.

This morning, energy company Total Group announced its plans to acquire around 75% of shares in Direct Energie. Together with the other major shareholders, EBM has decided to sell its remaining 4.58% stake. The price stands at EUR 42 per share, which is significantly higher than if the shares were sold on the stock market. The overall transaction still needs to be approved by the relevant French authorities and is expected to be finalised later in the year.

EBM is anticipating proceeds of around CHF 95 million from the sale. The value of the remaining shares was already revised upwards to the market price in the consolidated financial statements for 2017, meaning that the sale will only boost the financial result and annual earnings for 2018 by around CHF 10 to 15 million.

In November 2017, EBM already successfully placed just over half of its shares in French energy company Direct Energie on the stock market and generated over CHF 90 million. The intention was to sell the remaining stake as well in 2018. Since Direct Energie was founded in 2003, the company has grown rapidly and is now one of the three largest players on the French electricity and gas market. Its successful growth was partially financed by capital increases, in which EBM did not participate. EBM’s holding had thus been diluted to less than 10% over the past few years and was therefore no longer strategically important. The proceeds will be used to increase its financial strength while optimising its financing structure.

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