28 January 2015
Paris/San Donato Milanese, 28 January 2015 – Snam, GIC, and EDF Invest entered into a definitive agreement with Crédit Agricole Assurances for its entry into the share capital of TIGF with a 10% stake.
Upon completion of the transaction, Snam, GIC, and EDF Invest will receive slightly above €180m.
Snam, GIC, EDF Invest and Crédit Agricole Assurances will respectively hold 40.5%, 31.5%, 18.0% and 10.0% of the share capital of TIGF indirectly.
In 2013, Snam, GIC and EDF Invest had acquired 100% of TIGF from the Total group, holding indirectly a 45%, 35% and 20% stake respectively in the Company.
Based in Pau, TIGF employs approximately 500 persons and operates a 5,000 km-long gas pipeline network and two important gas storage sites in Lussagnet and Izaute. TIGF represents a strategic platform for the interconnection of the European gas markets, thus contributing to their further liquidity and guaranteeing security of supplies to France and Europe.
With this acquisition, Crédit Agricole Assurances further strengthen its infrastructure portfolio.
The closing of the transaction is expected to take place by the end of the first quarter 2015.