The Caisse des Dépôts group increases its stake in GRTgaz
The transaction gives Caisse des Dépôts a 38.6% stake in GRTgaz, alongside ENGIE (60.9%) and the employee fund Alto (0.5%).
Background
This transaction is part of the plan announced by ENGIE to rebalance its exposure to international infrastructure assets and renewable energies, while retaining control of GRTgaz – an asset that the group views as strategic in connection with the French and European energy transition.
The transaction allows the Caisse des Dépôts group, a long-term public institutional investor that shares GRTgaz’s sustainable development and public interest values, to both increase its stake in the company’s capital and strengthen its governance role at a time when gas and its associated infrastructure have a key role to play in the success of the energy transition.
Simplification of the GRTgaz group structure
At the time of the transaction, GRTgaz, which previously held an 82% stake in Elengy’s capital – the balance previously held by Société d’Infrastructures Gazières – will go back to being the sole shareholder of its subsidiary.
A company valuation that reflects confidence in the future
The transaction values the company at €14.6 billion. This reflects our shareholders’ confidence in and support for the company’s transformation and the future of gas (renewable gas and hydrogen).
“The year 2021 ends with a change in capital structure that demonstrates the strength of the GRTgaz model.”Thierry Trouvé
CEO of GRTgaz
For Thierry Trouvé, “Caisse des Dépôts and CNP Assurances, both historical partners of Engie and GRTgaz, are key allies in supporting the development of GRTgaz and its subsidiaries while the company undergoes a major transformation phase to meet the demands of an accelerating energy transition and the third gas revolution.”
