Investing
Engie Brasil sells 15% stake in gas pipeline firm TAG to CDPQ
© Reuters. FILE PHOTO: The logo of Engie is seen during the company’s annual general shareholders meeting in Paris, France, April 26, 2023. REUTERS/Sarah Meyssonnier/File photo
SAO PAULO (Reuters) -Engie Brasil said on Thursday it has reached a deal to sell a 15% stake in pipeline firm TAG to Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ) for 3.1 billion reais ($641 million).
After the deal’s conclusion, CDPQ will raise its stake in TAG to 50%, while Engie Brasil will own 17.5% and its French parent company will hold the rest, giving it an indirect 50% stake.
In 2019, Engie and CDPQ jointly acquired a 90% stake in TAG from state-run oil firm Petrobras for about $8.6 billion, purchasing the remainder the following year.
TAG owns and operates a large part of Brazil’s natural gas pipelines with some 4,500 kilometers (2,800 miles) over 10 states in Brazil.
($1 = 4.8501 reais)
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