Hellman & Friedman's GTT launches IPO

Ellie Pullen
17 February 2014

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Hellman & Friedman-backed Gaz Transport & Technigaz (GTT), a French marine technology and engineering company, plans on raising up to €675m in an IPO on the Euronext Paris.

The potential offering comprises 13.5 million existing shares at an indicative price range of €41-50 apiece, meaning the company could raise between €553.5-675m. An over-allotment option of 15% of the offering's base size has also been granted.

Hellman & Friedman (H&F) is selling 6.75 million shares in the IPO, alongside a further 6.75 million to be sold by Total Gas & Power Actifs Industriels. Following the offering, H&F and Total are expected to jointly hold a stake of 8.76% in GTT. The company's main shareholder, GDF Suez, will hold an approximate 40% stake.

GTT plans on listing its shares on the Euronext on 27 February, with both the French public offering and the international offering closing on 25 February.

Morgan Stanley has been appointed global coordinator for the offering, as well as joint lead manager and book-runner alongside Deutsche Bank, Lazard and Natixis. Lazard is also acting as financial adviser to GTT, while Societe Generale CIB and DNB Markets are lead managers.

H&F acquired a 30% stake in GTT for €310m in March 2008. The firm acquired its stake from turnkey operator Saipem in the all-equity deal, according to unquote" data, and invested via its $8.4bn Hellman & Friedman Capital Partners VI fund.

Founded in 1994 through the merger of Gaztransport and SN Technigaz, GTT is headquartered in Saint-Rémy-lès-Chevreuse and currently employs 345 staff.

The company develops cryogenic membrane containment systems designed for use in the transportation of liquefied natural gas for the shipbuilding industry. Its CEO and president is Philippe Berterottière.