CDPQ Fund bought 15% of the gas transport company’s shares; resources will be used to grow the group in the country
A Engie Brasil announced this Thursday (Dec 28, 2023) the sale of part of its stake in the company in the natural gas sector TAG (Associated Gas Transport Company) for the Canadian fund CDPQ (Quebec Deposit and Applications Bank, by its French acronym). The transaction closed at R$3.1 billion. Here's the complete of the relevant fact (PDF – 179 kB).
TAG is the largest natural gas transporter in the country, being responsible for a 4,500 km long network of gas pipelines, from the coast of Rio de Janeiro to Ceará, in addition to an isolated system in Amazonas. The company was privatized in 2019 by Petrobras. Currently, Engie holds 65% of TAG and CDPQ holds the remaining 35%.
With the transaction, the Québec fund will have an additional 15% of TAG shares, reaching 50% of the total share capital. The sale was made in a closed-door structure, with the final value depending on the necessary monetary corrections until the date of conclusion of the deal.
“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 being implemented, without increasing pressure on the Company's leverage, ratings and payout”says Eduardo Takamori, Financial and Investor Relations Director at Engie Brasil Energia.
According to Sattamini, the Transaction is aligned with the company's investment plans in the renewable energy and power transmission lines segments. He says the sale will allow “a better allocation of capital in these two segments, which are at the center of our growth strategy”.
#Engie #sells #TAG #stake #Canadian #fund #R3.1 #billion