Snam, GIC and EDF Invest welcome Crédit Agricole Assurances along their side within TIGF
Today, Snam, GIC, and EDF Invest entered into an agreement with Crédit Agricole Assurances for its entry into the share capital of TIGF with a 10% stake.
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Upon completion of the transaction, Snam, GIC, and EDF Invest will receive slightly above €180m and together with Crédit Agricole Assurances will hold respectively 40.5%, 31.5%, 18.0% and 10.0% of the share capital of TIGF indirectly.
With this investment, Crédit Agricole Assurances further strengthens its infrastructure portfolio while TIGF gains a new shareholder that will allow to further support future developments of the company.
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.
The completion of the transaction, which is subject to customary closing conditions, is expected to take place by the end of the first quarter 2015.
Next Finance , January 2015
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