Total acquire French battery maker Saft in €950 mn deal
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Total to acquire French battery maker Saft in €950 mn deal

11:02 AM, 9th May 2016
Total to acquire French battery maker Saft in €950 mn deal
Patrick Pouyanne, chairman and CEO of Total. (File photo)

PARIS, FRANCE: Total SA has signed an agreement to acquire all the outstanding shares of French battery maker, Saft Groupe SA in a deal valued at €950 million ($1.082 billion).

Following the signature of an agreement between the two companies, Total has filed a friendly tender offer on Saft shares with French Financial Markets Authority (AMF).

The proposed offer will target all of Saft’s issued and outstanding shares at a price of €36.50 per share, ex-dividend of €0.85 per share.

The offer price represents a 38.3 percent premium above Saft’s closing share price of €26.40, a premium of 41.9 percent above the volume weighted average share price over the past six months and a premium of 24.2 percent above the volume weighted average share price over the past year. The offer values the company at nine times its 2015 reported EBITDA, which represents a significant control premium compared to recent valuation multiples in the battery industry.

“The combination of Saft and Total will enable Saft to become the group’s spearhead in electricity storage. It's renowned technological know-how and unique expertise has 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 enable Saft to successfully accelerate its development," said Patrick Pouyanne, chairman and CEO of Total.

"I am convinced that Total will provide Saft with the required expertise and resources needed for its future development, particularly in terms of technological and commercial capabilities. This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space," said Ghislain Lescuyer, CEO of Saft.

Finexsi acted as a financial advisor for Saft.

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