Total has entered into a definitive agreement for the acquisition by Temasek of its entire remaining stake in GTT, 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 US$650 million 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 of Upstream Gas and 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 US$177 billion portfolio as of 31 March 2014.
GTT is a world leader in cryogenic membrane containment systems used in the shipbuilding industry for the transport of LNG.
Adapted from press release by Joe Green