Total SA has signed an agreement to acquire all of Toshiba Corp. subsidiary Toshiba America LNG Corp.'s shares for $15 million as the French supermajor works to become a major LNG portfolio player.

Under the deal, Toshiba would pay $815 million to Total for the transfer of contracts related to Toshiba's LNG business by Toshiba Energy Systems & Solutions Corp., according to a June 3 news release. As a result, Total stands to receive $800 million in cash at deal closing.

Toshiba said it expects a loss of about ¥93.0 billion related to the deal, according to a separate June 1 news release from the company.

The agreement also includes a 20-year tolling agreement for 2.2 million tonnes per year of LNG from the third train of the Freeport LNG export terminal in Texas, along with gas transportation agreements on the pipelines feeding the terminal. The third train is scheduled to begin commercial operations in the second quarter of 2020.

The deal is still subject to regulatory and partner approvals. It is scheduled to close by the end of March 2020 or the close of Toshiba's fiscal year 2019.

Toshiba was also in talks with China's ENN Ecological Holdings Co. Ltd., but the talks failed as the endeavor is "surrounded by uncertainty," the company said in April.

As of May 31, US$1 was equivalent to ¥108.69.