Engie Divests 15% of TAG for R$ 3 Billion

Written by Paulo Nogueira

Published on 29/12/2023 at 00:12

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

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Engie Sells 50% of TAG to Canadian Fund CDPQ, Increasing Subsidiary Leverage and Attracting Attractive Investment Options.

Engie made an important announcement this Thursday (12/28) by selling 15% of the Transportadora Associada de Gás (TAG) to Caisse de Dépôt et Placement du Québec (CDPQ) for R$ 3 billion. With this transaction, the Canadian fund and the French group now have the same stake in the company.

Engie Considers 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 leverage, ratings and payout of the Company’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia.

The negotiation 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).

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

TAG, wholly-owned subsidiary of Engie, has the largest 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 that connects Urucu to Manaus (AM) in the North region.

Attractive Option

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 leverage, ratings and payout of the Company’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia.

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

TAG, a wholly-owned subsidiary of Engie, has the largest 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 that connects Urucu to Manaus (AM) in the North region.

Source: EPBR

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