The Caisse des Dépôts group increases its stake in GRTgaz
Subject to the standard regulatory authorisations and approvals, this deal is expected to be finalised before the end of December, after which the Caisse des Dépôt group, which has held a 25% stake in GRTgaz since 2011, will now increase its holding to nearly 39%, with Engie holding close to 61%.
This transaction will simplify GRTgaz’s capital structure: GRTgaz, which previously held 82% of Elengy’s capital - the balance previously held by Société d’Infrastructures Gazières - will go back to being the sole shareholder of its subsidiary.
The deal values the GRTgaz group’s equity capital at €9.75 billion for an enterprise value of €14.6 billion.
For Engie, the deal forms part of its strategic plan aimed at rebalancing the exposure of the French gas networks towards renewable energies and other infrastructure assets.
For the Caisse des Dépôts group, a public interest investor focussed on the energy transition, it is about investing in gas “greening” and the logistical future of hydrogen. With this transaction, the Caisse des Dépôts group reaffirms its partnership with Engie within GRTgaz as a long-term public institutional investor. It also strengthens its role in GRTgaz's governance to support the company’s growth at a time when the related infrastructures will be called on to play a key role in the energy transformation.
“This deal ensures the lasting stability of GRTgaz’s shareholding without disrupting the balance of roles, and consolidates its long-term strategy in line with the company’s core purpose.”Thierry Trouvé
GRTgaz CEO
For Thierry Trouvé, “This deal ensures the lasting stability of GRTgaz’s shareholding without disrupting the balance of roles, and consolidates its long-term strategy in line with the company’s core purpose.
We are currently engaged in a key transformation phase to accelerate the energy transition in France and in Europe, and this deal attests to our shareholders’ faith in the successful implementation of our CAP24 business plan and our long-term ambition for a 100% carbon-neutral gas mix by 2050.”