by Andres Gonzalez and Mathieu Rosemain
LONDON/PARIS (Reuters) – EDF and Crédit Agricole are considering selling their stakes in Teréga, France’s second-largest gas transmission operator, two sources familiar with the matter said.
EDF’s investment arm, EDF Invest, and Crédit Agricole’s insurance subsidiary, Predica, hold 18% and 10% respectively of Teréga, a company valued at nearly three billion euros, said the sources, who asked to remain anonymous due to the private nature of the negotiations.
The deal may not go through, one of the sources warned.
Teréga operates a two-way network between France and Spain and a regional network in the southwest of France, as well as two storage sites.
The company generated 494 million euros in service provision in 2023, up 0.4% compared to 2022.
EDF, Crédit Agricole and Teréga declined to comment.
Teréga’s two other shareholders are Singapore’s sovereign wealth fund GIC (31.5%) and Italian energy infrastructure company Snam (40.5%).
The process of selling EDF and Crédit Agricole’s stakes began recently and could attract interest from infrastructure investment funds, one of the two sources said.
It should also be closely examined by the French finance ministry, the same source said, as Teréga operates key energy infrastructure.
(Reporting by Andres Gonzales in London and Mathieu Rosemain in Paris; With contributions from Benjamin Mallet; by Alban Kacher, edited by Blandine Hénault)
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