PE firms eye French gas storage business TIGF

Anneken Tappe
16 January 2013

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Two bidder groups including AXA Private Equity and CDC Infrastructure have emerged in the sale of Total's gas storage unit Transports Infrastructures Gaz France (TIGF), according to reports.

A deal could value TIGF at €2.5-3bn. The sale was announced in Q3 2012 and is part of Total's effort to dispose of €20bn worth of assets by 2015 to jumpstart the company's cashflow. The oil company has a market-cap of €94bn.

The competing bidder teams are led by French utilities company Electricité de France (EDF) and Caisse des Depots-owned CDC Infrastructure. CDC is supported by AXA Private Equity, Credit Agricole, French insurer Predica, the Abu Dhabi Investment Authority and Belgian natural gas operator Fluxys. EDF's co-bidders are the Government of Singapore Investment Corporation and Snam, an Italian energy company. The bidders have to submit their final offers by 4 February.

TIGF is a specialised gas transportation and storage business headquartered in Pau in the south-east of France. Employing 500 people, its annual revenues amount to €353m.