Insiders revealed that TotalEnergies (TTE.US) is about to acquire VSB Group from the private equity company Partners Group Holding AG.
Finance and Economics App learned that, according to insiders, TotalEnergies (TTE.US) is about to acquire VSB Group from the private equity company Partners Group Holding AG, with the transaction valuing this German renewable energy project developer at approximately 2 billion euros (equivalent to 2.1 billion US dollars).
Insiders indicate that TotalEnergies and Partners Group are in deep negotiations and may announce this transaction as early as the next few days. The final agreement could still potentially be delayed.
VSB Group provides project management and environmental planning services in the renewable energy sector. The company's projects in France, Germany, Poland, and Italy involve solar, hydro, and wind energy. The company has over 500 employees and 21 branches globally. Partners Group acquired 80% of VSB Group in 2020.
According to media reports in March, the Swiss acquisition company Partners Group is considering selling some of its infrastructure assets worth over 5 billion US dollars, hoping to capitalize on investor interest in the industry. Insiders claim that VSB Group is one of the assets Partners has been looking to divest.
While some other European energy giants have slowed down, TotalEnergies continues to expand its renewable energy investment portfolio. Last year, the company acquired the remaining shares of French clean energy developer Total Eren for 1.5 billion euros.
In Germany, TotalEnergies is doubling down on investment in offshore wind power, as it believes prices will remain stable in the long term. Last month, the company agreed to acquire 50% of two offshore wind projects from the German RWE Group.
In 2023, the French oil giant agreed to pay about 5.8 billion euros for leasing rights to two wind farm sites in the North Sea and the Baltic Sea. This transaction became the largest wind power auction in Germany and one of the most expensive wind power auctions globally. Total also acquired the German wind power seller Quadra Energy.
Total's stock price has fallen by about 11% this year, with a market cap of approximately 131 billion euros.