Total and private equity company Hellman & Friedman planned to sell 30% of their stakes in GTT. Sources close to the company said that the two companies are selling their stake in the world's No.1 maker of cryogenic hull linings for LNG tankers through an initial public offering. The IPO would value GTT to more than US$2.4 billion.
Gaztransport & Technigaz (GTT) is 40% owned by GDF Suez. It has 70% of the market for high tech alloy membranes that line the hulls of the world's LNG carriers.
GTT's main clients are Chinese and Korean shipbuilders who pay the company as much as US$10 million per ship. The company said that it has equipped about 240 LNG carriers worldwide valuing US$220 million per piece.
A source told Reuters that shareholders of both companies will formally lodge a request to go public. This will be done by the second half of the year.
Representatives for Total declined to comment. Hellman & Friedman did not return requests to give statements.
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