The French energy company EDF has sold one of its subsidiaries, active in the United States, to the hydrocarbons giant BP for 505 million dollars, according to a decree published this Sunday in the Official Gazette.
This operation is part of the plan to sell 3,000 million euros in assets until 2024, announced last February, one of the measures adopted to deal with the group’s financial difficulties.
$3.2 billion in revenue
Texas-based EDF Energy Services is one of the market leaders for electricity and natural gas products and services in the United States, according to its parent company. In 2021, its turnover amounted to 3.2 billion dollars, according to a document from the State Participation Agency.
The entire capital of the company was transferred to the North American subsidiary of BP for an exact amount of 505,386,934 dollars. The French energy company is in the process of being renationalized by the French state, which has launched a takeover bid (OPA) on the group to relaunch nuclear energy. Currently, the State and BPI France jointly own 85.12% of the capital and must reach the 90% threshold to complete the buyout.
Source: BFM TV
