PARIS (Reuters) – A consortium led by French utility Engie has won a bid for Petrobras’ TAG pipeline arm with an $8.6 billion offer, in a deal that boosts Engie’s presence in a fast-growing sector and will help Petrobras cut its debts.
Engie said on Monday its successful offer for a 90 percent stake in TAG was made by a consortium involving Engie and Canada’s Caisse de Dépôt et Placement du Québec (CDPQ). Petrobras will keep a 10 percent stake in TAG.
Engie - Buying - TAG - Stream - Profits
Engie said buying TAG would provide it with a steady stream of profits, with TAG accounting for 47 percent of Brazil’s entire gas infrastructure.
“Our acquisition of TAG is a significant milestone for ENGIE in Brazil, a key market for the group where we have been present for 23 years,” said Engie Chief Executive Isabelle Kocher.
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