Caisse group’s $8.6-billion offer wins deal for majority stake in Petrobras pipeline unit GlobeBusiness
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 the fast-growing Brazilian market and helps Petrobras cut debts.
It will add to Engie’s presence in Brazil, where its unit owns assets including hydroelectric plants, thermoelectric facilities and renewable energy sources. Under Kocher, Engie has been focusing investments on energy services, renewable energy and infrastructure, while selling out of coal-related assets.
Engie said the acquisition of TAG would result in its net debt increasing by around 1.6 billion euros . The consortium secured around $6 billion in financing to help fund the acquisition from 10 banks, three local and seven international. It did not name the lenders.
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