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Company announces increase in stake with Canadian fund CDPQ in the natural gas transporter, reaching 50% valuation.
Engie carried out an important transaction, announcing the sale of 15% of TAG to the Caisse de Dépôt et Placement du Québec (CDPQ) for R$3 billion. With this, the Canadian fund becomes a relevant shareholder in the TAG, sharing the same participation as the French group.
Engie Brasil Energia, which currently owns 32,5% of TAG, will adjust its stake to 17,5%, while GDF International, another subsidiary of the Engie group, will maintain its 32,5% stake in TAG. CDPQ, in turn, increases its participation in TAG from 35% to 50% through wholly-owned subsidiary CDP Groupe Infrastructures Inc, further strengthening its presence in the energy sector.
Partial divestment in TAG: a strategic option
'The decision to partially disinvest in TAG is seen as an attractive possibility to implement an asset rotation, at a time when the Company has a solid pipeline of projects under implementation, without increasing pressure on the Company's leverage, ratings and payout ', explained Eduardo Takamori, Financial and Investor Relations Director at Engie Brasil Energia.
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A negociação represents a increase significant of valuation of Transportadora Associada de Gás in relation to 2020, when Engie acquired the remaining 10% of Petrobras for R$1 billion in values at the time (R$1,4 billion corrected).
Petrobras sold 90% of Transportadora Associada de Gás in 2019, to Engie and CDPQ, for R$8,6 billion in values at the time (R$11,2 billion corrected).
Associated Gas Transport Company: an extensive transport network
TAG owns the most extensive natural gas transport network 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
