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GDF Suez, Total and Hellman & Friedman looking to sell GTT in IPO

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November 18
11:59 PM 2013

France's GDF Suez and Total and American private equity firm Hellman & Friedman LLC were preparing for an initial public offering (IPO) of their jointly-owned business unit GTT  in February. 

Reuters, citing French financial news Les Echos, mentioned that GTT (Gaztransport & Technigaz) is the world's top manufacturer of cryogenic hull linings for liquified natural gas (LNG) tankers. 

GTT is a French engineering company created in 1994 by the merger oft Gaztransport and S.N.Technigaz, two major players in the LNG field, its website said. 

Earlier this year, sources told Reuters that GTT's shareholders were planning a public offering that could put the business' market capitalization of up to USD2.4 billion.  

Multinational electric utility company GDF Suez owns a 40% stake in GTT. Global integrated oil and gas company Total and investment firm Hellman & Friedman each own 30% of the manufacturer, Reuters said. 

Reuters previously reported that GTT earned a net profit of EUR30 million on sales of 90 million last year. The company expects to double its turnover to 200 million this year.  

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