June 29, 2018 / 4:10 PM / 3 months ago

UPDATE 1-EDF sells 65 pct stake in Dunkirk LNG terminal to Fluxys, IPM

(Adds Total statement)

PARIS, June 29 (Reuters) - French state-controlled utility EDF on Friday said it had agreed to sell its 65.01 percent in the Dunkirk LNG terminal to two groups of investors.

The company said that based on prices paid by the two consortia, the average enterprise value for the entire stake amounted to about 2.4 billion euros ($2.80 billion).

EDF said that a consortium including Belgian gas group Fluxys, AXA Investment Managers and Credit Agricole Assurances had committed to acquire a stake of 31 percent while a consortium of Korean investors led by IPM Group (InfraPartners Management) has committed to acquire a stake of 34.01 percent.

The transaction will allow Fluxys, which already owns a 25 percent stake, to take control of the terminal and consolidate it in its accounts. EDF will remain a client of the terminal.

French oil major Total said in a separate statement that as part of the sale process initiated by EDF, it had entered into an agreement to sell its 9.99 percent stake in the LNG terminal.

It added that when the transactions are completed, two groups, a consortium including Fluxys and another consortium composed of Korean companies will hold stakes of 35.76 percent and 39.24 percent respectively.

It said the Korean companies include Samsung Securities, IBK Securities and Hanwha Investment & Securities.

Closing is expected for the third quarter of 2018, once required regulatory approvals have been granted by the relevant authorities. ($1 = 0.8568 euros) (Reporting by Geert De Clercq; Editing by Matthias Blamont)

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