CIC To Pay $4B For GDF Suez Stake
China Investment Corporation is investing around $4 billion to acquire a stake in French energy company GDF Suez.
China Investment Corporation (CIC) is investing around $4 billion to acquire a stake in French energy company GDF Suez. As part of the deal, the Chinese sovereign wealth fund will buy a 30% stake in GDF Suez’s exploration and production unit and 10% in its LNG liquefaction plant in Trinidad and Tobago. CIC will pay $3.15 billion for the GDF stake and $850 million for the plants. The deal, which will be administered by a steering committee chaired by the two groups’ respective CEOs, is expected to complete by the end of 2011.
Click here for the release from GDF SUEZ.