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.
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
