Merger Case M.12302 EPH TTE EFG Commission Decision

EC Competition Cases

Published March 24th, 2026

Detected March 27th, 2026

Summary

The European Commission has issued a decision regarding Merger Case M.12302, involving Energetický a průmyslový holding (EPH) and TotalEnergies SE (TTE) acquiring joint control over EFG Holding B.V. The Commission has decided not to oppose the notified operation, declaring it compatible with the internal market.

View original document View source feed page

What changed

The European Commission, through DG Competition, has issued a final decision on Merger Case M.12302, approving the joint control acquisition by Energetický a průmyslový holding, a.s. ('EPH') and TotalEnergies SE ('TTE') over EFG Holding B.V. The transaction involves the acquisition of joint control over entities primarily focused on flexible power generation in Italy, the Netherlands, the UK, and France. The Commission's decision, made under Article 6(1)(b) of the Merger Regulation, indicates non-opposition and compatibility with the internal market and the EEA Agreement.

This decision signifies that the concentration does not raise competition concerns under the EU Merger Regulation. Regulated entities involved in the transaction, EPH and TTE, have received clearance to proceed with the joint control acquisition. No specific compliance actions or deadlines are imposed on other market participants as this is a clearance of a specific merger, not a new rule or guidance affecting broader industry practices.

Source document (simplified)

Case M.12302 – EPH / TTE / EFG

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 24/03/2026

In electronic form on the EUR-Lex website under document number 32026M12318

EUROPEAN COMMISSION

DG Competition

Brussels, 24.3.2026 C(2026) 2089 final

PUBLIC VERSION

Energetický a průmyslový holding,

a.s.

Pařížská 130/26, Josefov

110 00 Prague 1 Czechia TotalEnergies SE 2 place Jean Millier, La Défense 6 92400 Courbevoie France

Subject: Case M.12302 – EPH / TTE / EFG Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2 Dear Sir or Madam, (1) On 25 February 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which

Energetický a průmyslový holding, a.s. (‘EPH’, Czechia) controlled by Daniel Křetínský, and TotalEnergies SE (‘TTE’, France) will acquire within the meaning

of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the undertakings EP Produzione S.p.A. (Italy), EP NL B.V. (Netherlands) and

EP UK Investments Ltd (United Kingdom) (together, the ‘JV Entities’), currently

controlled by EPH. The Transaction will be implemented by way of purchase of shares in a special purpose vehicle currently controlled by EPH, EFG Holding

B.V. (‘EFG’, Netherlands). ( ) 3

(2) The business activities of the undertakings concerned are the following:

– EPH is a long-term strategic investor in the energy sector,

() OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty 1 on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The

terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’). 2() OJ C, C/2026/1461, 6.3.2026. 3

EUROPEAN COMMISSION

– TTE is a global integrated energy company that produces and markets

energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. (3) EFG is a special purpose vehicle established as a holding company to own and manage controlling stakes in the JV Entities active in the energy business primarily focused on flexible power generation in Italy, the Netherlands, the Republic of Ireland, the UK and France. (4) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(d) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (5) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed)