Energetický a průmyslový holding (EPH), controlled by Daniel Kretinsky, will become one of the main shareholders of TotalEnergies through an asset swap deal valued at €5.1bn ($5.49bn). The operation involves the issuance of 95.4 million TotalEnergies shares in exchange for a stake in a European power production joint venture.
This newly formed joint venture will develop and operate gas and biomass power plants, as well as battery storage facilities, mainly in Western Europe. The transfer of this entity to TotalEnergies will allow EPH to gain a significant shareholding in the French energy giant. Both groups stated that the transaction should be finalised by the end of the first half of 2026.
Expansion strategy focused on energy infrastructure
Founded in 2009 with direct involvement from Daniel Kretinsky, EPH has become one of Europe’s largest energy groups, recording €23.3bn ($25.1bn) in revenue in 2024. The group operates in around ten European countries, including France, Germany and the United Kingdom. Historically centred on coal, EPH has gradually diversified into electricity and gas distribution, gas transport and storage, and cogeneration.
This diversification has translated into increasingly integrated operations across the energy value chain, from generation infrastructure to distribution. According to documents published by the group, its revenue structure is now spread across several segments, also including thermal production and grid services.
Multi-sector investments across Europe
Alongside his energy activities, Daniel Kretinsky has ramped up investments in other strategic sectors. In early 2025, he acquired the British postal operator Royal Mail for £3.6bn ($4.46bn), consolidating his presence in the postal services sector, where he also holds nearly 30% of Post.nl in the Netherlands.
In retail, he has held the largest stake in Fnac Darty since 2023, and supported the group’s 2024 acquisition of Italian retailer UniEuro. He also took control of the struggling French retailer Casino alongside Marc Ladreit de Lacharrière, after entering the group’s capital in 2018. Additional retail holdings include Metro, Sainsbury’s and Foot Locker.
Media assets and portfolio reshaping
Daniel Kretinsky built a media portfolio through Czech Media Invest (CMI), with French titles totalling over 185 million copies sold annually. After a series of prominent acquisitions since 2018, he restructured his assets in 2025, selling several magazines to Prisma Media and Bauer Media Group. He also launched a general-interest TV channel, T18, on digital terrestrial television, reflecting a strategic repositioning in the media space.
The acquisition of a stake in TotalEnergies marks a new phase in the Czech billionaire’s strategy to expand within Europe’s energy sector, increasing his footprint in strategic energy assets while pursuing a vertically integrated approach.
