Crédit Agricole Finalises 10% Acquisition of TIGF

Snam, GIC and EDF Invest finalised the entry of Crédit Agricole Assurances into the share capital of TIGF on Thursday.  

TIGF operates a 5,000 km-long gas pipeline network and two gas storage sites in Lussagnet and Izaute, not far from its border with Spain.  

The renewed interest for interconnections is expected to increase the attractiveness of the French gas market.  

‘With this investment, TIGF has a new shareholder that will allow to further support its development, while Crédit Agricole Assurances further strengthens its infrastructure portfolio’ reads a note released by Snam on Friday. 

As a result of the agreement, Snam, GIC, and EDF Invest will hold 40.5%, 31.5%, and 18.0% of the share capital of TIGF indirectly.

Total Infrastructures Gaz France has been sold by Total in 2013, as part of its disposal program. 

Gas transmission system are attractive investments for pension funds, insurers and sovereign wealth funds as they provide for a more stable cash flow and earnings.