French oil giant Total SA today finalised a deal to sell its Transport et Infrastructures Gaz France (TIGF) to a consortium led by Italian gas transport group Snam, for €2.4 billion ($3.25 billion).
The Paris-based company said that it has signed a definitive agreement with a consortium comprising Snam, French power company Electricite de France SA (EDF), and Government of Singapore Investment Corporation to acquire TIGF.
Total had in February said that it has entered into exclusive talks with a consortium led by Snam for the sale of its TIGF gas network and storage unit (See: French oil giant Total in talks to sell gas network unit for $3.25 bn).
''The consortium selected, consisting of industry-leading operators and long term investors, will support TIGF in its further development, while meeting the commitments made to TIGF's employees and partners,'' Christophe de Margerie, chairman and CEO of Total had then said in a statement.
TIGF provides gas transmission and storage services in 15 departments in southwestern France.
It manages a network of about 5,000km of pipeline that carries 13 per cent of the total volume of gas transported in France and operates 22 per cent of the country's gas storage capacity.
With almost 500 employees, TIGF generated revenues of over €350 million in 2011.
The move comes four months after Total agreed to sell its 20-per cent stake in Nigeria's Usan offshore oilfield to a wholly owned subsidiary of China Petrochemical Corporation (Sinopec) for approximately $2.5 billion in cash.