EDF Invest, Ardian to Buy Total's Stake in Géosel at €265M Value
September 11, 2015
An evenly split consortium comprised of EDF Invest and Ardian have entered into an agreement to acquire a 50% plus one share in Géosel Manosque from Total (NYSE: TOT). The transaction values Total's interest at €265 million as of January 1, 2015, excluding inventory. Total, which currently holds a 53.4% interest in the company, will remain a minority shareholder with a 3.4% stake. Géosel owns the Manosque underground storage facility in southeast France and pipelines linking the facility to the oil terminals at multiple locations in the country. The storage facility represents about 20% of France's total hydrocarbon storage capacity and is primarily used to store around 40% of the country's strategic oil reserves.