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Engie sells 50% of TAG to Canadian fund CDPQ on Thursday, an attractive deal to increase the natural gas pipeline. Valuation of the wholly-owned subsidiary increased significantly.
Engie announced this Thursday (28/12) the sale transaction of 15% of Transportadora Associada de Gás (TAG) to the Caisse de Dépôt et Placement du Québec (CDPQ) for R$3 billion. With this operation, the Canadian fund and the French group become shareholders with equal participation in the company. A companhia Engie Brasil Energia currently holds 32,5% of TAG and after the transaction, it will hold 17,5%. GDF International, also belonging to the group Engie will maintain its 32,5% stake in the company. CDPQ, through its wholly-owned subsidiary CDP Groupe Infrastructures Inc., will increase its stake from 35% to 50% in Company.
Engie seeks partial divestment in Transportadora Associada de Gás (TAG)
‘The partial divestment in TAG is a attractive option to implement an asset rotation, at a time when the Company has a solid pipeline of projects being implemented, without increasing pressure on the Group'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 in relation to 2020, when Engie purchased the remaining 10% of Petrobras for R$1 billion in values at the time (R$1,4 billion corrected).
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Petrobras sold 90% of TAG in 2019, to Engie and the canadian fund CDPQ, for R$8,6 billion in values at the time (R$11,2 billion corrected).
Engie and CDPQ acquired 90% of Transportadora Associada de Gás (TAG) in 2019
TAG has the most extensive natural gas transportation 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.
Agreement between Engie and Petrobras drives partial divestment in TAG
Source: EPBR
