Total has entered into exclusive negotiations with a consortium comprising Snam, EDF and GIC (Government of Singapore Investment Corporation) that has submitted a firm offer to acquire all outstanding shares of Transport et Infrastructures Gaz France (TIGF). The offer values the company at €2.4bn.
The proposed sale is aligned with Total’s active portfolio management strategy. It 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 km 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 €350m in 2011.
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