Total Sells TIGF (France)

Total has 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, “Ths 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.