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EDF sells US subsidiary for $505 million

The French energy company EDF has sold one of its subsidiaries, active in the United States, to the hydrocarbon giant BP.

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The French energy company EDF has sold one of its subsidiaries, active in the United States, to the oil and gas giant BP for $505 million, according to a decree published in the Journal officiel.

This operation is part of the plan to sell 3 billion euros worth of assets by 2024, announced last February, one of the measures taken in response to the group’s financial difficulties.

Texas-based EDF Energy Services is a market leader in 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 Holdings Agency.

The entire capital of the company was sold to BP’s North American subsidiary for the exact amount of 505,386,934 dollars.

The French energy company is in the process of being renationalized by the French government, which has launched a takeover bid for the group in order to revive nuclear power.

Currently, the French State and BPI France together hold 85.12% of the capital and must reach the 90% threshold in order to conclude the total buyout.

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