30th Jul 2013 17:15
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has today closed the sale of Transport et Infrastructures Gaz France (TIGF) to the consortium of Snam (45%), GIC Private Limited (35%), and EDF (20%) for an enterprise value of €2.4 billion. Total sold 100% of TIGF’s share capital in exchange for cash proceeds of €1.6 billion and the assumption of debts.
Patrick de La Chevardière, Chief Financial Officer of Total, noted, “This sale is a major step forward in achieving our 15-20 billion dollar asset sale program. We are well on-track and will continue to actively manage our portfolio to focus on growth opportunities”.
The closing of the transaction follows the completion of the TIGF employee representatives’ consultation process and the receipt of all necessary approvals from the relevant authorities.
TIGF provides gas transmission and storage services in 15 departments in southwestern France. It manages a network of 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 two important gas storage sites in Lussagnet and Izaute. With approximately 500 employees, TIGF generated revenues of over €350 million in 2012 (www.tigf.fr).
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Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
TOTAL S.A.Capital 5 941 838 402,50 euros542 051 180 R.C.S. Nanterre
www.total.com
TotalMartin DEFFONTAINESMatthieu GOTKarine KACZKAMagali PAILHETel. : (33) 1 47 44 58 53Fax : (33) 1 47 44 58 24orRobert HAMMOND (U.S.)Robert PERKINS (U.S.)Tel. : (1) 713-483-5070Fax : (1) 713-483-5629or2, place Jean MillierArche Nord Coupole/Regnault92 400 Courbevoie France
Copyright Business Wire 2013
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