TIGF: Snam, GIC and EDF have completed the acquisition
Paris / San Donato Milanese, 30 July 2013 – The Consortium constituted by Snam, the Italian gas transport and storage operator (45%), GIC, the Singaporean sovereign fund (35%) and EDF (20%, through its dedicated assets for the dismantling of nuclear plants) has today completed the acquisition of TIGF (Transport et Infrastructures Gaz France), Total’s gas transport and storage business, for an enterprise value of Euro 2.4 billion. This announcement follows the receipt of all required regulatory approvals, in particular the antitrust approval from the European Commission.
TIGF will leverage the well-balanced mix between industrial expertise and financial capabilities of its new shareholders to pursue its long term development as a strategic platform for the interconnection of the French and Iberian markets with those of North Central Europe, in the context of greater European infrastructure integration. The complementary structure as both a gas transmission and storage business will remain a key component in the strategy of the company.
TIGF (Transport et Infrastructures Gaz France) 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 two important gas storage sites in Lussagnet and Izaute. With almost 500 employees, TIGF generated revenues of over €350 million in 2012 (www.tigf.fr).
05 August 2016 - 16:19 CEST