TotalEnergies (TTE) said Monday it signed a deal with Energeticky a Prumyslovy to acquire a 50% stake in its flexible power generation platform in Italy, the UK, Ireland, the Netherlands, and France for an enterprise value of 10.6 billion euros ($12.3 billion).

Under the terms of the deal, Energeticky will get 95.4 million shares of TotalEnergies valued at about 5.1 billion euros, the energy company said, adding that the parties will create a joint venture to oversee the industrial management of the assets and business development. Both sides will hold an equal 50% stake in the joint venture.

TotalEnergies said the deal is immediately accretive to free cash flow for its shareholders, and it intends to close the acquisition in mid-2026.