Company sold 50% of the gas subsidiary to Canadian fund CDPQ in strategic divestment.
Engie, one of the largest companies in the energy sector, announced today the sale of 15% of Transportadora Associada de Gás (TAG) to the Caisse de Dépôt et Placement du Québec (CDPQ) for R$3 billion. With this transaction, the Canadian fund and the French group now have equal participation in the company.
Engie Brasil Energia, a subsidiary of Engie, currently holds 32,5% of TAG and after the transaction, it will hold 17,5%. GDF International, also belonging to the Engie group, will continue with its 32,5% stake. CDPQ will increase its stake from 35% to 50%, through its wholly-owned subsidiary CDP Groupe Infrastructures Inc.
Engie: Divestment and Asset Rotation
‘The partial divestment in TAG is an attractive option to implement an asset rotation, at a time when the Company has a solid pipeline of projects being implemented, without increasing pressure on the leverage, ratings and payout of the Company’, explained Eduardo Takamori, Financial and Investor Relations Director at Engie Brasil Energia.
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TAG Valuation: Engie Ahead
The negotiation represents a significant increase in valuation of the carrier in relation to 2020, when Engie purchased the remaining 10% of Petrobras for R$1 billion in values at the time (R$1,4 billion corrected).
Petrobras sold 90% of TAG in 2019, to Engie and CDPQ, for R$8,6 billion in values at the time (R$11,2 billion corrected).
TAG: Gas Pipeline Infrastructure
TAG has the most extensive transport mesh of natural gas in Brazil, with a gas pipeline infrastructure of approximately 4.500 km, located along part of the Southeast coast and the Northeast coast of the country, in addition to a section that connects Urucu to Manaus (AM), in the North region.
Source: EPBR