Total SA(FP.FR) said on Wednesday that it is buying Engie SA's (ENGI.FR) portfolio of upstream liquefied natural gas for an overall enterprise value of $1.49 billion.
The French oil-and-gas company said the deal includes additional payments of up to $550 million, subject to an improvement in the oil markets in the coming years.
Continue Reading Below
Total said that by acquiring French peer Engie's upstream LNG portfolio it will gain participating interests in liquefaction plants, long-term liquefied natural gas purchase and sale contracts as well as a fleet of 10 LNG tankers.
Total said it expects the acquisition to close by mid-2018, and for it to go into effect on Jan. 1, 2018.
Following the acquisition, Total said it would take over the teams in charge of the LNG activities at Engie, which represent about 180 employees.
Write to Marc Navarro Gonzalez at firstname.lastname@example.org
(END) Dow Jones Newswires
November 08, 2017 12:54 ET (17:54 GMT)