French energy group Engie is poised to sell part of its majority stake in gas network group GRTgaz to CNP Assurances and Caisse des depots, two state-backed bodies which will increase their holdings, two sources close to the matter said.
The agreement is set to be signed by Friday, the sources added. One of the people familiar with the matter said the 11% stake being sold by Engie was worth just over 1 billion euros ($1.18 billion), which would value GRTgaz as a whole at around 10 billion euros.
Engie has been shedding some of its businesses to simplify its structure and also raise funds to invest in renewable energy.
The CNP Assurances and Caisse des depots consortium already has 25% of GRTgaz.
Engie, CNP and GRTgaz declined to comment.
Source: Reuters.com