Total announces it has entered into exclusive negotiations with a consortium comprising Snam, EDF and GIC* that has submitted a firm offer to acquire all outstanding shares of Transport et Infrastructures Gaz France (TIGF). The offer values the company at €2.4 billion.
The proposed sale is aligned with Total’s active portfolio management strategy.
“The consortium selected, consisting of industry-leading operators and long term investors, will support TIGF in its further development, while meeting the commitments made to TIGF’s employees and partners”, said Christophe de Margerie, Chairman and CEO of Total.
Total initiated dialogue with employee representatives from the commencement of the process leading to an agreement — “Undertakings in Case of the Sale of TIGF” — that was signed on January 23. In particular, the agreement includes provisions concerning maintaining jobs, benefits and TIGF’s headquarters in Pau.
The proposed sale is subject to information and consultation procedures with the relevant employee representative bodies, including consultation with relevant authorities.
TIGF provides gas transmission and storage services in 15 departments in southwestern France. It manages a network of about 5,000 kilometers of pipeline that carries 13% of the total volume of gas transported in France and operates 22% of the country’s gas storage capacity. With almost 500 employees, TIGF generated revenues of over €350 million in 2011 (www.tigf.fr).
*GIC: Government of Singapore Investment Corporation
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