TotalEnergies buys £5.1bn stake in Czech tycoon’s power plants business

Daniel Ketinsky to become a major shareholder in French oil company as part of deal creating 50/50 joint venture

The Czech billionaire Daniel Ketinsky is to become one of the largest shareholders in TotalEnergies after selling a stake in his electricity generation business, which includes several UK power plants, to the French oil company.

Ketinsky, whose companies own stakes in Royal Mail and West Ham United football club, agreed to sell a 50% stake in his stable of European power plants to TotalEnergies for about 5.1bn ($5.9bn) in exchange for about 4.1% of Total's share capital.