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CDPQ Acquires 50% of Gas Transporter. GDF International Partially Divests. Valuation of Solid Natural Gas Network.
TAG, Associated Gas Transporter, had 15% of its shares sold by Engie to the CDPQ, moving R$ 3 billion. With the transaction, the Canadian company and the French group now hold the same stake in the company.
Engie Brasil Energia, holding 32.5% of TAG, reduced its stake to 17.5%. Meanwhile, GDF International, also part of the Engie group, retains its 32.5% stake. In turn, CDPQ increased its share from 35% to 50% through its subsidiary CDP Groupe Infrastructures Inc.
TAG: Attractive Option for Partial Divestment
‘The possibility of partial divestment in TAG represents an interesting alternative for asset rotation, at a time when the Associated Gas Transporter has a solid project portfolio underway, without negatively impacting leverage, ratings, and profit distribution of the company‘, stated Eduardo Takamori, Chief Financial Officer and Investor Relations Director of Engie Brasil Energia.
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Valuation of Associated Gas Transporter in Focus
The negotiation process represents a significant increase in the valuation of the Associated Gas Transporter compared to 2020, when Engie acquired the remaining 10% from Petrobras for R$ 1 billion at that time (R$ 1.4 billion adjusted).
Partial Divestment and Petrobras’ Stake
Petrobras sold 90% of TAG in 2019, to Engie and Caisse de Dépôt et Placement du Québec (CDPQ), for R$ 8.6 billion at that time (R$ 11.2 billion adjusted).
TAG: Leader in Natural Gas Transportation in Brazil
TAG holds the most extensive natural gas transportation network in Brazil, with a pipeline infrastructure of approximately 4,500 km, distributed along part of the Southeastern and Northeastern coast of the country, in addition to a stretch connecting Urucu to Manaus (AM), in the Northern region.
Influence of CDPQ and Engie on Partial Divestment
The participation of Caisse de Dépôt et Placement du Québec (CDPQ) and Engie in the partial divestment of TAG reflects the growing interest of foreign investors in the gas infrastructure sector in Brazil. CDPQ, a Canadian fund, is the majority shareholder of GDF International, the parent company of Engie, and it is through the wholly-owned subsidiary CDP Groupe Infrastructures Inc. that CDPQ holds its stake in TAG.
Engie’s decision to partially divest from the Associated Gas Transporter reflects the success of the company’s solid project pipeline, indicating confidence in the natural gas transportation market and in the future appreciation of TAG.
Source: EPBR
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