Just Energy Group Inc. plans to acquire natural gas and power provider db SWDirekt GmbH for approximately €3.4 million in a move to enter the German retail energy market.

Additional terms of the transaction include a €1.6 million payment upon the achievement of sales targets and an earn-out of 5% of cumulative positive EBITDA in each fiscal year up to a maximum aggregate earn-out payment of €25 million.

"This exciting acquisition provides Just Energy immediate access to the largest energy market in continental Europe, accelerating our market entry substantially while also adding a talented local team in Germany to facilitate our growth ... as we seek access to over 50 million gas and power meters in Germany," Deborah Merril, co-CEO of Just Energy, said in a statement.