Authorization

Petrobras To Sell 90% Stake In TAG To Engie And CDPQ For $8.6 Bln

(RTTNews) - Petrobras (PBR) agreed to sell its 90 percent stake in Transportadora Associada de GA?s S.A. known as TAG to France's Engie SA (ENGQF.PK, ENGIY.PK) and Canadian pension fund Caisse de Depot et Placement du Quebec or CDPQ for $8.6 billion.

ENGIE will have a stake of 58.5% in the asset (of which 29.25% through ENGIE Brasil Energia) and CDPQ will have a stake of 31.5%, while Petrobras will maintain a 10% stake in TAG's capital.

In addition to its ownership, ENGIE will be responsible for the operation and maintenance after the third year.

The transaction is conditional to the approval of the Extraordinary General Meeting of Petrobras and the Conselho Administrativo de Defesa EconA?mica (CADE) (the Brazilian anti-trust authority) and the European Union anti-trust authority.

The business will allow ENGIE to diversify its activities in Brazil while enhancing its position in Latin America. ENGIE will bring its international experience of operating gas pipelines in competitive markets to the Brazilian domestic market.

"TAG's acquisition is an historic event for ENGIE in Brazil, where we have been operating for 23 years and where the company is always positioning itself as a long-term investor based on its belief in the country's potential. The transaction will be instrumental in the Group's rapid growth in Brazil from new sources of revenue,...," MaurA­cio BA¤hr, CEO of ENGIE Brasil observed.
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