Engie Profits R$ 3 Billion from Sale of 15% of TAG

Written by Paulo Nogueira

Published on 28/12/2023 at 23:44

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Engie Sold 50% of TAG to Canadian Fund CDPQ. The Natural Gas Carrier Now Has a New Partner.

Engie completed the sale of 15% of Transportadora Associada de Gás (TAG) to Caisse de Dépôt et Placement du Québec (CDPQ) for R$ 3 billion, announced this Thursday (28/12). With this transaction, the Canadian fund and the French company now hold the same stake in the company.

Engie Brasil Energia, which owns 32.5% of TAG, will see its stake decrease to 17.5%, while GDF International, also belonging to the Engie group, will maintain its 32.5% stake. On the other hand, CDPQ will increase its share from 35% to 50% through its wholly-owned subsidiary CDP Groupe Infrastructures Inc.

Engie and Its Divestment Strategy in TAG

‘The partial divestment in TAG is an attractive option to implement an asset rotation at a time when Engie has a solid pipeline of projects underway, without increasing pressure on Engie’s leverage, ratings, and payout’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director at Engie Brasil Energia.

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The deal represents a significant increase in the valuation of the carrier compared to 2020, when Engie purchased the remaining 10% from Petrobras for R$ 1 billion in period values (R$ 1.4 billion adjusted).

Petrobras sold 90% of TAG in 2019 to Engie and CDPQ for R$ 8.6 billion in period values (R$ 11.2 billion adjusted).

TAG, the associated gas carrier belonging to the French group Engie, 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 coast and the Northeast coast of the country, in addition to a section linking Urucu to Manaus (AM) in the North region.

Source: EPBR

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Engie Profits R$ 3 Billion from Sale of 15% of TAG

Engie Sold 50% of TAG to Canadian Fund CDPQ. The Natural Gas Carrier Now Has a New Partner.

Engie and Its Divestment Strategy in TAG

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