GDF International, Engie and Caisse de Dépôt et Placement du Québec’s $193.4 Million Acquisition of Petrobras stake in Transportadora Associada de Gás – TAG

Stocche Forbes, Tauil & Chequer Advogados (Mayer Brown), Jones Day and Machado Meyer advised on the transaction

ENGIE executed its successful joint bid with Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, for the acquisition of the remaining 10% stake in Transportadora Associada de Gás S.A. (TAG), as part of the divestment process conducted by Petrobras.

The closing value of the transaction is BRL 1.0 billion, approximately EUR 160 million. With this acquisition, ENGIE’s total equity holdings in TAG increase to 65%1 (of which 32.5% is held by ENGIE Brasil Energia) while CDPQ will hold the remaining 35%. After completion of this deal, ENGIE will keep the current equity consolidation method. In addition, ENGIE expects a net debt impact of approximately EUR 105 million related to this transaction.

This acquisition follows the prior acquisition by Engie and CDPQ, in June 2019, of a 90% shareholding in TAG. TAG’s capacity is fully contracted on the basis of ship-or-pay clauses with an average residual duration of 11 years and will be regulated afterwards.

Stocche Forbes advised Engie Brasil Energia S.A., GDF International S.A. and Caisse de Dépôt et Placement du Québec with Frederico Cursino de Moura (Picture) Bruno Gandolfo Damico, Teo Silva Galvão, Caio Moliterno Morais and Carolina Seixas Braga.

Tauil & Chequer (Mayer Brown) advised CDPQ with Alexandre R. Chequer, Debora Yanasse, Bruno Rieger Salzano and Luciana Sodré.

Jones Day advised Engie Brasil S.A. with S. Wade Angus, Robert da Silva Ashley and Marcello Hallake.

Machado Meyer advised Petróleo Brasileiro S.A. with

Daniel Szyfman, Arthur Bardawil Penteado, Igor Marcell Ramos Finzi and Laura Ducati Dabronzo.

Involved fees earner: S. Wade Angus – Jones Day; Robert da Silva Ashley – Jones Day; Marcello Hallake – Jones Day; Arthur Bardawil Penteado – Machado Meyer Advogados; Laura Ducati Dabronzo – Machado Meyer Advogados; Igor Finzi – Machado Meyer Advogados; Daniel Szyfman – Machado Meyer Advogados; Alexandre Chequer – Mayer Brown; Bruno Rieger Salzano – Mayer Brown; Luciana Sodré – Mayer Brown; Débora Yanasse – Mayer Brown; Frederico Cursino de Moura – Stocche Forbes Advogados; Bruno Gandolfo Damico – Stocche Forbes Advogados; Caio Moliterno Morais – Stocche Forbes Advogados; Carolina Seixas Braga – Stocche Forbes Advogados; Teo Silva Galvão – Stocche Forbes Advogados;

Law Firms: Jones Day; Machado Meyer Advogados; Mayer Brown; Stocche Forbes Advogados;

Clients: Caisse de dépôt et placement du Québec (CDPQ); Engie Brasil Energia S.A.; GDF International SA; Petrobras;

Author: Ambrogio Visconti.