GTT has announced that Temasek will be acquiring a circa 10.4% stake in the share capital of the company, as Total divests its interest.
Total and Temasek entered into a definitive agreement for the acquisition by Temasek of Total's entire remaining interest in GTT. During GTT's initial public offering in February 2014, Total had previously reduced its shareholding from 30% to 10.4%.
Commenting on the acquisition, Philippe Berterottière, Chairman and CEO of GTT, said: "We are pleased by Temasek's acquisition of an interest in our capital, as a long-term shareholder. Its geographical roots and its experience in the LNG and marine industries fit perfectly well with the company's strategy. With Temasek's support, our aim is to consolidate our world leading position and expertise in the transport of LNG and to pursue our development in innovative and competitive technologies and in the new growing areas of liquefied gases."
Upon completion of the transaction, GTT’s share capital will be allocated as follows:
- GDF Suez will hold approximately 40.4%.
- Temasek will hold approximately 10.4%.
- Management and employees will hold approximately 0.2%.
The public free float will represent approximately 49% of GTT's share capital, among which circa 5% are held by Hellman & Friedman.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/lng-shipping/09122014/temasek-acquires-stake-in-gtt-1928/