UGI Corp., the Valley Forge energy company, said it has reached an agreement in principle to buy French oil giant Total SA's propane-distribution business in France for $545 million to $613 million.
Totalgaz distributed more than 265 million retail gallons of liquefied petroleum gas (LPG) in 2013 to residential, commercial and industrial customers. UGI distributed about 600 million gallons of LPG in Europe last year, including 250 million gallons distributed by its Antargaz unit in France.
UGI, the general partner of retail propane distributor AmeriGas Partners, has been growing through international acquisitions. Total has been selling non-core assets in an effort to improve profitability.