Total has agreed to buy battery maker Saft in a bid to boost its renewable energy business, it has announced.
The all-share deal, which has been unanimously approved by Saft's supervisory board, values Saft's equity at €950 million, nearly 40 per cent above Saft's closing share price on 6 May.
"The combination of Saft and Total will enable Saft to become the Group's spearhead in electricity storage", said Patrick Pouyanné, Chairman and CEO of Total. "The acquisition of Saft is part of Total's ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower."
Saft said that the deal was "in line with the interests of the company".
Last month Total announced the creation of a gas, renewable energy and power trading unit that will help the company move away from dependency on highly volatile oil prices.
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