Engie Completes Sale of 15% of TAG for R$ 3 Billion – Transaction Finalized

Escrito por Paulo Nogueira

Publicado em 28/12/2023 às 20:56

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Company Sold 50% of 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 the 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 will have equal stake in the company.

Engie Brasil Energia, a subsidiary of Engie, currently holds 32.5% of TAG and after the transaction, will own 17.5%. GDF International, also belonging to the Engie group, will retain its 32.5% stake. Meanwhile, CDPQ will increase its share from 35% to 50% through the 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 underway, without increasing pressure on the Company’s leverage, ratings, and payout’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director at Engie Brasil Energia.

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Valuation of TAG: Engie Ahead

The negotiation represents a significant increase in the valuation of the transporter 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).

TAG: Pipeline Infrastructure

TAG owns the largest transport network of natural gas in Brazil, with a pipeline infrastructure of approximately 4,500 km, located along part of the Southeast and Northeast coast of the country, as well as a segment linking Urucu to Manaus (AM) in the North region.

Source: EPBR

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Engie Completes Sale of 15% of TAG for R$ 3 Billion – Transaction Finalized

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Engie Completes Sale of 15% of TAG for R$ 3 Billion – Transaction Finalized

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