 "Total to buy advanced batteries maker Saft for Euro 950 mn")
Total has agreed to acquire Saft, a designer and manufacturer of advanced technology batteries for industry, for Euro 950 million. The proposed offer will target all of Saft’s issued and outstanding shares at a price of Euro 36.50 per share, ex-dividend of Euro 0.85 per share, valuing Saft’s equity at Euro 950 million.
The proposed offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.
“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage,” said Patrick Pouyanne, chairman and CEO of Total.
The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. “Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients. It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy. This transaction will also enable Saft, its management and employees to benefit from Total’s technical, industrial, commercial and financial support. In addition, this transaction will enable Saft to successfully accelerate its development,” added Pouyanne.
Saft is one of the leading global manufacturers of nickel batteries and primary lithium batteries for the industrial infrastructure and processes, transportation and civil and military electronics markets. It has major presence in space and defence batteries with its Li-ion technologies which are also deployed in the energy storage, transportation and telecommunication network markets.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower.
The proposed offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.
“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage,” said Patrick Pouyanne, chairman and CEO of Total.
The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. “Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients. It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy. This transaction will also enable Saft, its management and employees to benefit from Total’s technical, industrial, commercial and financial support. In addition, this transaction will enable Saft to successfully accelerate its development,” added Pouyanne.
Saft is one of the leading global manufacturers of nickel batteries and primary lithium batteries for the industrial infrastructure and processes, transportation and civil and military electronics markets. It has major presence in space and defence batteries with its Li-ion technologies which are also deployed in the energy storage, transportation and telecommunication network markets.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower.
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