Engie Sells 15% of TAG for R$ 3 Billion to Caisse de Dépôt et Placement du Québec, Boosting Valuation.

Written by Paulo Nogueira

Published on 28/12/2023 at 22:27

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

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Engie Sold 50% of TAG to Canadian Fund CDPQ on Thursday in a Partial Divestment. The Deal Resulted in a Significant Increase in the Company’s Valuation.

The big news of the day is the sale of 15% of Transportadora Associada de Gás (TAG) by Engie to the Caisse de Dépôt et Placement du Québec (CDPQ) for R$ 3 billion. With this transaction, the Canadian fund and the French group achieve equal participation in the company.

Engie Brasil Energia, which previously held 32.5% of TAG, now owns 17.5% of the company. GDF International, also part of the Engie group, maintains its 32.5% stake. Meanwhile, CDPQ increases its share from 35% to 50% through the wholly-owned subsidiary CDP Groupe Infrastructures Inc.

Engie Seeks Partial Divestment in 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 leverage, ratings, and the company’s payout’, explained Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia.

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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 in values at the time (R$ 1.4 billion adjusted).

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 adjusted).

Engie and the Expansion of TAG

Transportadora Associada de Gás (TAG) 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 coasts of the country, in addition to a stretch connecting Urucu to Manaus (AM) in the North region.

The partial sale of TAG is part of Engie’s strategy, along with the Caisse de Dépôt et Placement du Québec (CDPQ), Canadian fund, to execute asset rotation, focusing on new investments and growth opportunities for the company.

Engie and Business Opportunities

The partial divestment in TAG is an alternative for Engie to expand its operations, strengthening its presence in the natural gas transportation sector and seeking new business opportunities.

The company aims to ensure a solid pipeline of projects underway, maintaining its strategic position in the market and seeking new partnerships and investments to expand its operations in the natural gas transportation sector in Brazil.

Source: EPBR

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Engie Sells 15% of TAG for R$ 3 Billion to Caisse de Dépôt et Placement du Québec, Boosting Valuation.

Engie Sold 50% of TAG to Canadian Fund CDPQ on Thursday in a Partial Divestment. The Deal Resulted in a Significant Increase in the Company’s Valuation.

Engie Seeks Partial Divestment in TAG

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Engie and the Expansion of TAG

Engie and Business Opportunities

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Engie Sells 15% of TAG for R$ 3 Billion to Caisse de Dépôt et Placement du Québec, Boosting Valuation.

Engie Sold 50% of TAG to Canadian Fund CDPQ on Thursday in a Partial Divestment. The Deal Resulted in a Significant Increase in the Company’s Valuation.

Engie Seeks Partial Divestment in TAG

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Engie and the Expansion of TAG

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