Technip Energies gets $100mn investment
Bpifrance, a long time investor in French engineering group TechnipFMC, has agreed to invest $100mn in its newly spun-off division Technip Energies.
The investment bank has acquired 82.3mn of shares in Technip Energies from TechnipFMC, the latter company said on April 1. This is in addition to the shares the bank automatically received when the business was separated in February. TechnipFMC has retained services and technologies, while Technip Energies handles engineering and construction.
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Bpifrance has been a shareholder in TechnipFMC since 2009. The bank previously provided $200mn in funding in return for shares in Technip Energies, but TechnipFMC has agreed to refund $100mn after the bank revised its plans. TechnipFMC is looking to significant reduce its shareholding in Technip Energies over the next 18 months.