BG Group said it has completed the previously announced transaction to sell the Group’s entire 60.1% holding in Comgás for a consideration of Brazilian reais 3.4 billion, or approximately $1.7 billion, to Cosan S.A. Indústria e Comércio.
In addition, debt on the BG Group balance sheet has been reduced by some $1 billion.
The transaction was concluded after BG Group and Cosan obtained the necessary approvals from the São Paulo State Sanitation and Energy Regulation Agency and the Economic Defense Administrative Board.
BG Group announced in May it had signed a definitive binding agreement with Cosan for the sale of the Group’s interest in Comgás, Brazil’s largest gas distribution company.
BG Group took the strategic decision to exit its Transmission & Distribution and Power businesses as an integral part of a portfolio rationalisation programme.
Conclusion of the Comgás transaction follows agreement in early October to sell BG Group’s controlling interest in India’s Gujarat Gas Company Limited for approximately $470 million and the sale in May of the Group’s interests in two Philippines power plants for $360 million.
[mappress] LNG World News Staff, November 06, 2012