Total to take majority stake in SunPower

French oil company Total SA said on Thursday that it will offer $23.25 for up to 60 percent of the shares of solar photovoltaic SunPower Corp.

The move will put Europe’s third-largest oil company into the growing global solar energy business.

The offer values SunPower at $2.3 billion, and SunPower shares jumped on the news, rising $6.39, or nearly 40 percent, to $22.51 in aftermarket trading after the deal was announced. Total shares fell 15 cents to $63.65.