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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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Petrobras sold 90% of TAG in 2019, to Engie and the Canadian fund CDPQ, for R$ 8.6 billion in values of that time (R$ 11.2 billion adjusted).
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
