Rio de Janeiro – Petrobras’ board of directors approved the sale of a 90% stake in Nova Transportadora do Sudeste (NTS), which owns a gas pipeline network, for USD 5.19 billion to a group led by Brookfield (BIP). The announcement was made this Friday (23) by Petrobras. The value amounts to 35% of the target of USD 15.1 billion established by the company in a plan to sell its assets in 2015 and 2016. For 2017 and 2018, the target established for assets sales is USD 19.5 billion.
The sale is still subject to approval by shareholders and Brazilian regulators. Petrobras reported that the deal has an upfront payment of USD 4.34 billion, 84% of the total, due on closing, with the rest, USD 850 million, to be paid throughout five years. The company is the main client of NTS, which has 2,050 km in gas pipelines and 44 gas delivery outlets in the Southeast region.
Brookfield is one of the world’s largest assets managers of the world, with more than USD 200 billion under its management and a portfolio that includes companies that are owners of more than 14,000 km of gas pipelines in the United States, Canada and Australia. The buying consortium also includes the pension fund British Columbia Investment Management Corporation (BCIMC) and sovereign funds from China and Singapore.
*Translated by Sérgio Kakitani
