Hellman & Friedman ships out EUR310m for GTT

Large buyout deals seem to be reduced to one a month this year. Carlyle's LBO of Numericable and Completel stood out earlier this year, as did Decomeubles Partners (backed by a consortium comprised of Colony Capital, Goldman Sachs and Merchant Equity Partners). Now it is Hellman & Friedman's turn to provide this month's large buyout.

Hellman & Friedman has signed a definitive agreement to acquire Saipem's 30% share of Gaztransport & Technigaz (GTT) for a reported EUR310m in an all equity deal.

The deal does not affect Gaz de France and Total which both retain their respective 40% and 30% stakes in the company. The agreement between Hellman & Friedman and Saipem is reported to be an all equity deal.

GTT is a marine technology company which concentrates on the engineering and design of membrane containment systems for the storage and transportation of liquefied gas (LNG) on ships. GTT provides expertise to major LNG shipbuilders worldwide. GTT is based in St Remy-les-Chevreuse near Paris and was founded 11 years ago with the merger of Gaztransport and Technigaz.

Saipem is an Italian contractor for the international oil and gas industry which covers offshore, onshore and drilling. The company is itself 43% owned by energy company Eni.

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