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Engie Sells 50% of TAG to Canadian Fund CDPQ in Significant Announcement This Thursday, Aiming for Implementation in Natural Gas Transportation Across Brazil.
The energy company Engie 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, the French group and the Canadian fund will hold the same stake in the company.
Engie Brasil Energia, which holds 32.5% of TAG, will reduce its stake to 17.5%. On the other hand, GDF International, also part of the Engie group, will maintain its 32.5% stake. CDPQ, through its wholly-owned subsidiary CDP Groupe Infrastructures Inc., increases its stake from 35% to 50% in TAG, consolidating its position in the company.
Engie Increases Stake in Transportadora Associada de Gás (TAG)
Engie announced this Thursday a significant increase in its stake in Transportadora Associada de Gás (TAG), following the purchase of the remaining 10% from Petrobras for R$ 1 billion at the time (R$ 1.4 billion adjusted).
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The partial divestment in TAG is an attractive option for implementing an asset rotation at a time when the Company has a solid pipeline of projects in implementation, without increasing pressure on the leverage, ratings, and payout of the company’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia.
The transaction represents a significant increase in the valuation of the transporter compared to 2020, when Engie purchased 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).
Engie and CDPQ Strengthen Presence in the Natural Gas Transportation Sector
TAG has the largest natural gas transportation network in Brazil, with a 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 segment connecting Urucu to Manaus (AM) in the North region.
Source: EPBR
