(Finance) – The European Commission has approvedunder the EU Merger Regulation, the creation of a joint venture between the British SSE and the French TotalEnergiesThe transaction primarily concerns the electric vehicle charging and related services sector in the UK and Ireland.
The Commission concluded that the proposed concentration would not raise any competition concernstaking into account the limited activities of the joint venture in the European Economic Area and the limited market position resulting from the proposed transaction. The notified transaction was examined under the simplified merger control procedure.
In recent days TotalEnergies and SSE have signed a binding agreement to create a joint venture to create a major new player in electric vehicle charging infrastructure in the UK and Ireland, under the Source brandThe new business will distribute in both countries up to 3,000 high-power charging points.