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Engie Strengthens Its Market Presence by Selling 15% of TAG for R$ 3 Billion

Written by Paulo Nogueira

Published on 29/12/2023 at 00:40

Oil and Gas

Eduardo Takamori CEO da Engie (Foto: Divulgação) – Todos os direitos: EPBR

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Engie Sells 50% of TAG to Canadian Fund CDPQ on Thursday, Attractive Deal for Increasing Natural Gas Pipeline. Valuation of the Subsidiary Rose Significantly.

Engie announced on Thursday (12/28) the sale transaction of 15% of Transportadora Associada de Gás (TAG) to Caisse de Dépôt et Placement du Québec (CDPQ) for R$ 3 billion. With this operation, the Canadian fund and the French group become equal shareholders in the company. Engie Brasil Energia currently holds 32.5% of TAG and after the transaction, will own 17.5%. GDF International, also belonging to the Engie group, will maintain its 32.5% stake in the company. CDPQ, through its wholly-owned subsidiary CDP Groupe Infrastructures Inc., will increase its stake from 35% to 50% in the Company.

Engie Seeks Partial Divestment in Transportadora Associada de Gás (TAG)

‘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 Group’s leverage, ratings, and payout’, 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 carrier compared to 2020, when Engie acquired the remaining 10% from Petrobras for R$ 1 billion in values of that time (R$ 1.4 billion adjusted).

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Engie and CDPQ Acquired 90% of Transportadora Associada de Gás (TAG) in 2019

TAG has the most extensive natural gas transportation network 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 stretch connecting Urucu to Manaus (AM) in the North region.

Agreement between Engie and Petrobras Drives Partial Divestment in TAG

Source: EPBR

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

Engie Strengthens Its Market Presence by Selling 15% of TAG for R$ 3 Billion

Engie Sells 50% of TAG to Canadian Fund CDPQ on Thursday, Attractive Deal for Increasing Natural Gas Pipeline. Valuation of the Subsidiary Rose Significantly.

Engie Seeks Partial Divestment in Transportadora Associada de Gás (TAG)

Engie and CDPQ Acquired 90% of Transportadora Associada de Gás (TAG) in 2019

Agreement between Engie and Petrobras Drives Partial Divestment in TAG

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Engie Strengthens Its Market Presence by Selling 15% of TAG for R$ 3 Billion

Engie Sells 50% of TAG to Canadian Fund CDPQ on Thursday, Attractive Deal for Increasing Natural Gas Pipeline. Valuation of the Subsidiary Rose Significantly.

Engie Seeks Partial Divestment in Transportadora Associada de Gás (TAG)

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