French Total Buys Belgian Retailer
French major Total is to buy Belgium's third-largest supplier of natural gas and renewable power to the residential sector, Lampiris. Press reports put the value of the deal at between €150mn and €200mn. The agreement is subject to customary regulatory approvals.
The transaction will have no impact on the companies’ relationships with their customers or their suppliers, whose contracts will not be affected, and no jobs will be lost, Total said June 14. However while the deal appears not to yield many synergies, Total is expanding its green credentials, which means more electricity in the portfolio.
On May 9, Total it said it was paying €950mn for Saft, a battery technology firm and on April 20 it said it was recreating a Gas, Renewables and Power segment – which it said would “will spearhead Total’s ambitions in the electricity value chain.”
Lampiris, an independent supplier of gas, green power and energy services such as insulation, furnace maintenance, wood and pellets for heating, and smart thermostats, has been active in the Belgian energy market since 2005. The two larger companies it competes with are also ultimately French-owned: Engie-owned Electrabel and EDF-Luminus.
William Powell