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ENGIE-led consortium wins competitive bidding process in Brazil for $8.6 billion acquisition of TAG

April 2019

Jones Day is advising ENGIE in the $8.6 billion acquisition of 90 percent of Transportadora Associada de Gás SA ("TAG"), the largest natural gas transmission network owner in Brazil, from Brazilian state oil company Petróleo Brasileiro SA (Petrobras).

The winning offer for the 90 percent equity stake in TAG was made by a consortium composed of ENGIE S.A, ENGIE Brasil Energia, and Caisse de dépôt et placement du Québec (CDPQ), after a competitive bidding process. Petrobras will maintain a 10 percent equity stake in TAG.

The transaction is conditional upon the approval of the relevant governance bodies of Petrobras and the Brazilian and European Union antitrust authorities. Closing is expected before the end of the first semester 2019.

For additional information about this matter, please contact: S. Wade Angus, Marcello Hallake

Client(s): ENGIE
Practice(s): M&A, Energy