Petrobras Announces TAG Sale Offer

(Petrobras, 5.Apr.2019) — Petrobras informs that, in the scope of the competitive sale process of 90% of Transportadora Associada de Gás SA (“TAG”), ENGIE group, jointly with the Canadian investment fund Caisse de Depot and Placement du Quebec (“CDPQ”), presented the best proposal, representing an Enterprise Value of R$ 35.1 billion for 100% of TAG, as of December 2017.

After adjustments, the transaction, when completed, will represent to Petrobras a total estimated value of US$ 8.6 billion (R$/US$ 3.85). This amount includes the payment by the buyer of TAG debts before BNDES (US$ 800 million) on the transaction closing date. 

Petrobras will continue to use TAG’s natural gas transportation services through the long-term contracts already in force between the two companies, without any impact on its operations and the delivery of gas to distributors and other customers.

We clarify that the transaction is still subject to approval by Petrobras governance and competitive defense bodies. The subsequent phases will be disclosed to the market in accordance with the company’s Disinvestment Methodology.

This transaction is in line with the Disinvestment Methodology and Decree 9.188/17 guidelines, which establishes the special disinvestment regime of federal mixed-capital companies.

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