Total sells its remaining stake in GTT to Temasek
Total has entered into a definitive agreement for the acquisition by Temasek of Total’s entire remaining stake in GTT (Gaztransport & Technigaz), representing 10.4% of the company. In February 2014, during GTT’s initial public offering, Total reduced its shareholding from 30% to 10.4%. Following the two transactions, Total will have raised more than 650 million dollars from the sale of its entire stake in GTT. Completion of the transaction is expected in the coming days.
“With this transaction, Total continues to unlock significant value from its portfolio and to focus on its strategic assets,” commented Yves-Louis Darricarrère, President Upstream and President Gas & Power at Total. “Already a market leader, GTT is well positioned to benefit from the expected growth of the LNG sector. By taking an equity stake in GTT, Temasek demonstrates its confidence in the company’s long-term potential and in the industry.”
Established in 1974, Temasek is an investment company based in Singapore with a 177 billion dollar portfolio as at March 31, 2014.
GTT is the world leader in cryogenic membrane containment systems used in the shipbuilding industry for the transport of LNG. For over 50 years, GTT has offered to its customers technologies which allow them to optimize storage space and reduce the construction and operation costs of ships or tanks equipped with these systems. GTT operates in several sectors: LNGCs (Liquefied Natural Gas Carriers) and VLECs (Very Large Ethane Carriers), Multi-gas carriers, FLNGs (Floating Liquefied Natural Gas units), FSRUs (Floating Storage and Regasification units), onshore storage tanks and the use of LNG as a fuel.