France's Technip Energies rises on Advanced Materials & Catalysts acquisition

** Shares in France's energy infrastructure group Technip Energies TE.PA rise around 3% to its highest level in more than a week, after the firm agreed to buy Ecovyst's Advanced Materials & Catalysts business

** Under the agreement the French company will acquire two entities, Advanced Silicas and Zeolyst International for total of $556 million

** "The acquisition is aligned with management commentary year-to-date with regards to M&A to enhance the company’s TPS offering and acquire a business that could be cash flow and earnings accretive immediately – which is challenging in the energy transition space", RBC Capital Markets analyst Victoria McCulloch told Reuters

** The firm said that on a pro-forma basis for 2024, Advanced Materials & Catalysts increases TPS' contribution to Segment EBITDA from 39% to roughly 45%

** Up to the previous session's close, shares were up 57.3%​ YTD