Toshiba sells American assets to Total

Japan's Toshiba has entered into an agreement with the French oil and gas company Total to sell its liquefied natural gas business in the United States. The deal involves the acquisition by Total of all shares of Toshiba America for $15 million, as well as the transfer to the French company of all Toshiba Energy Systems and Solutions contracts related to the LNG business, resulting in a total of $800 million. All contracts relating to the LNG business will also be transferred to the French company. Companies still have to go through all the necessary procedures to meet the requirements of regulators and partners. The closing of the deal, which is scheduled for April 2020, will be for Toshiba the completion of its exit from the recognized inappropriate LNG business. In its financial results, the company will record a loss of approximately 93 billion yen. Completion of the transaction will allow Total to become one of the main LNG exporters from the United States by 2020.

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