Engie Concludes Sale of 15% of TAG for BRL 3 Billion in Transaction with CDPQ

Written by Paulo Nogueira

Published on 28/12/2023 at 20:28

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CDPQ Increases Stake to 50% in Natural Gas Carrier TAG, Implementing Partial Divestment and Asset Rotation. New Valuation and Solid Transport Network.

Engie announced today the sale of 15% of Transportadora Associada de Gás (TAG) to Caisse de Dépôt et Placement du Québec (CDPQ) for R$ 3 billion, resulting in equal ownership between the Canadian fund and the French group in the company.

Engie Brasil Energia, holding 32.5% of TAG, will see its stake reduced to 17.5%. GDF International, a company of the Engie group, will maintain its 32.5% stake. Meanwhile, CDPQ will increase its share from 35% to 50% through its wholly owned subsidiary CDP Groupe Infrastructures Inc.

Engie Increases Stake in Transportadora Associada de Gás

Engie, in partnership with GDF International and CDP Groupe Infrastructures Inc., announced this Thursday that it is increasing its stake from 35% to 50% in Transportadora Associada de Gás (TAG), in a partial divestment in TAG. According to Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia, this is an attractive option for implementing asset rotation, at a time when the Company has a solid pipeline of projects under implementation, without increasing pressure on leverage, ratings, and the Company’s payout.

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Significant Increase in Carrier Valuation

This negotiation represents a significant increase in the valuation of the carrier compared to 2020, when Engie bought the remaining 10% from Petrobras for R$ 1 billion at the time (R$ 1.4 billion adjusted). Petrobras sold 90% of TAG in 2019 to Engie and CDPQ for R$ 8.6 billion at the time (R$ 11.2 billion adjusted).

Largest Natural Gas Transport Network in Brazil

TAG has the largest natural gas transport network in Brazil, with a pipeline infrastructure of approximately 4,500 km, located along parts of the Southeast and Northeast coast of the country, as well as a stretch linking Urucu to Manaus (AM) in the Northern region. Engie, in partnership with GDF International and CDP Groupe Infrastructures Inc., thus reinforces its presence and operations in the natural gas transport market, solidifying its position as one of the leading companies in the sector.

With the increase of its share in TAG, Engie, together with its partners, demonstrates its commitment to continue investing and promoting the development of natural gas infrastructure in Brazil, contributing to economic growth and the improvement of the country’s energy matrix.

Furthermore, the partnership between Engie, GDF International, and CDP Groupe Infrastructures Inc. strengthens the security and reliability in the transport of natural gas, providing a favorable environment for the development of new projects and initiatives in the sector. Engie thus reaffirms its role as one of the leading companies in the energy and infrastructure segment in the country, always seeking to offer innovative and sustainable solutions to meet the needs of the market and society as a whole.

Source: EPBR

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Engie Concludes Sale of 15% of TAG for BRL 3 Billion in Transaction with CDPQ

CDPQ Increases Stake to 50% in Natural Gas Carrier TAG, Implementing Partial Divestment and Asset Rotation. New Valuation and Solid Transport Network.

Engie Increases Stake in Transportadora Associada de Gás

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Engie Concludes Sale of 15% of TAG for BRL 3 Billion in Transaction with CDPQ

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