Engie sold 50% of TAG to the Canadian fund CDPQ. The natural gas transporter now has a new partner.
Engie sold 15% of Transportadora Associada de Gás (TAG) to the 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 have the same participation 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 stake 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 being implemented, without increasing pressure on Engie's leverage, ratings and payout', explained Eduardo Takamori , Financial and Investor Relations Director at Engie Brasil Energia.
The negotiation represents a significant increase in valuation of the carrier compared to 2020, when Engie purchased the remaining 10% of Petrobras for R$1 billion in values at the time (R$1,4 billion corrected).
Petrobras sold 90% of TAG in 2019, to Engie and CDPQ, for R$8,6 billion in values at the time (R$11,2 billion corrected).
TAG, associated carrier of gas belonging to the French group Engie, has the most extensive transport mesh of natural gas in Brazil, with a gas 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 that connects Urucu to Manaus (AM), in the North region.
Source: EPBR
