Snam, Crédit Agricole Assurances enter the capital of TIG extension (the subsidiary which manages part of the French transmission grid) with a 10% stake. The deal was closed on the basis of a figure of just over 180 million euros. After the sale of 10% to Crédit Agricole Assurances, the landscape within TIGF is now slightly changing. Snam goes from 45% to 40,5%, GIC moves from 35% to 31,5% and EDF Invest Assurances goes from 20% to 18%.
This transaction falls within the framework of the investment policies of Credit Agricole Assurances in the infrastructure sector, while for TIGF it represents the entry of a new shareholder who will support the company's future developments.
TIGF employs approximately 500 people and operates a 5.000 kilometer long pipeline network and two major storage sites in Lussagnet and Izaute. TIGF represents a strategic platform for the interconnection of European gas markets, contributing to their further liquidity and ensuring the security of supplies to France and Europe.
The closing of the transaction is expected within the first quarter of 2015.
