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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Engie    ENGI   FR0010208488

ENGIE (ENGI)
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Engie : Total to acquire Engies upstream and midstream LNG assets for $1.5bn

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11/10/2017 | 03:17pm CET

Oil giant Total has signed an agreement to acquire French utility Engies upstream and midstream LNG assets in the US, for $1.49bn.

Under the terms of the deal, Total will acquire 16.6% stake in the Cameron LNG liquefaction plant with 3 trains currently under construction in Louisiana, US as well as 5% stake in the first train of the Idku LNG project in Egypt.

The firm said it will also acquire a portfolio of long-term LNG purchase and sale contracts, which would boost its overall portfolio to 28 million tons per annum (MTPA) by 2020.

Additionally, Total will acquire access to regasification capacities of 14 MTPA in Europe as well as a fleet of 10 LNG tankers.

Total said that it would pay an additional $550m to Engie, a unit of GDF Suez, based on future oil market developments.

Total chairman and CEO Patrick Pouyann said: The acquisition of Engies upstream LNG business enables Total to accelerate the implementation of its strategy to integrate along the full gas value chain, in an LNG market growing strongly at 5% to 6% per year.

The combination of these two complementary portfolios will allow the Group to manage an overall volume of around 40 million tons of LNG per year by 2020, making Total the second largest global player among the majors with a worldwide market share of 10%.

With the equity stake in the Cameron LNG project, Total will also become an integrated player in the US LNG market, where the Group is already a gas producer.

The sale is part of Engies strategy to reduce its exposure to commodity prices and move away from upstream oil and gas activities.

Engie CEO Isabelle Kocher said: Engie is nonetheless accelerating its development in its LNG downstream activities, notably in the regasification domain and the supply of LNG to its end customers.

Scheduled to be completed in 2018, the transaction is subject to approvals by the relevant regulatory authorities, among others.

Separately, Engie has signed an agreement to become Total`s preferred green gases supplier.

(c) 2017 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2017 64 041 M
EBIT 2017 5 395 M
Net income 2017 2 417 M
Debt 2017 23 550 M
Yield 2017 4,81%
P/E ratio 2017 14,71
P/E ratio 2018 14,39
EV / Sales 2017 0,92x
EV / Sales 2018 0,89x
Capitalization 35 433 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 15,8 €
Spread / Average Target 8,7%
EPS Revisions
Managers
NameTitle
Isabelle Kocher Chief Executive Officer & Director
Gérard Mestrallet Chairman
Judith Hartmann Chief Financial Officer & Executive Vice President
Yves Le Gélard Chief Information & Digital Officer
Shankar Krishnamoorthy Head-Research, Technology & Strategy
Sector and Competitors
1st jan.Capitalization (M$)
ENGIE1.50%43 712
NATIONAL GRID PLC-3.60%39 150
ELECTRICITÉ DE FRANCE4.70%38 747
SEMPRA ENERGY0.13%26 910
E.ON-1.48%24 384
ORSTED4.37%24 340