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

Written by Paulo Nogueira

Published on 28/12/2023 at 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.

ARTICLE CONTINUES BELOW

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

Company Sold 50% of Gas Subsidiary to Canadian Fund CDPQ in Strategic Divestment.

Engie: Divestment and Asset Rotation

Valuation of TAG: Engie Ahead

TAG: Pipeline Infrastructure

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

Company Sold 50% of Gas Subsidiary to Canadian Fund CDPQ in Strategic Divestment.

Engie: Divestment and Asset Rotation

Valuation of TAG: Engie Ahead

TAG: Pipeline Infrastructure

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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

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