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Company sells 50% of the natural gas carrier to the Canadian fund CDPQ, expanding gas pipeline projects and transportation network.
Engie announced, this Thursday (10/01), the sale of part of its stake in Transportadora Associada de Gás (TAG) to the 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 share in the company.
Engie Brasil Energia, which currently holds 32,5% of TAG, will reduce its stake to 17,5%. While GDF International, also part of the Engie group, will maintain its 32,5% stake. CDPQ will increase its share, from 35% to 50%, through its wholly-owned subsidiary CDP Groupe Infrastructures Inc.
TAG: Divestment opportunity
An attractive option to implement an asset rotation is the partial divestment in TAG, at a time when Transportadora Associada de Gás has a solid pipeline of projects under implementation. This happens without increasing pressure on the company's leverage, ratings and payout. companhia, explained Eduardo Takamori, Financial and Investor Relations Director at Engie Brasil Energia.
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Valuation of Transportadora Associada de Gás
A negociação represents a significant increase in the valuation of Transportadora Associada de Gás in relation to 2020. That year, Engie purchased the remaining 10% of Petrobras for R$1 billion in values at the time (R$1,4 billion corrected).
Sale of Petrobras' stake in TAG
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), representing a milestone in the history of negotiations in the sector.
Largest gas pipeline network in Brazil
TAG has the most extensive transport mesh of natural gas in Brazil, with a gas pipeline infrastructure of approximately 4.500 km. The network is 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, being a significant asset in the natural gas transportation market.
Source: EPBR
