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Brazil: Petrobras Completes 90% NTS Shares Sale

Brazil: Petrobras Completes 90% NTS Shares Sale

The deal with Nova Infraestrutura Fundo de Investimentos em Participações was for US$ 4.23 billion

90% of Petrobras' shares in Nova Transportadora do Sudeste ("NTS") was sold by the company to Nova Infraestrutura Fundo de Investimentos em Participações ("FIP"), managed by Brookfield Brasil Asset Management Investmentos Ltda. 

Following the fulfillment of all the preconditions and adjustments in the sale agreement, the transaction was completed on payment of US$ 4.23 billion. Petrobras received, in total, US$ 2.59 billion for the shares and US$ 1.64 billion for 10-year debentures convertible into shares issued by NTS in payment of a debt to Petrobras Global Trading B.V. ("PGT"). PGT is a wholly-owned subsidiary of Petrobras. Over a period of five years, the remaining amount US$ 850 million, which is also relating to the sale of shares, will be paid and adjusted accordingly. 

Under current gas transport contracts, Petrobras will continue to use NTS natural gas transport facilities, with no impact on deliveries of gas to distributors and other customers. As per a new 10-year service agreement signed with NTS, Transpetro will remain in charge of the operation and maintenance of assets. 

Following the closing of this transaction, some of its shares in NTS was sold by FIP to Investimentos Itaú S.A. ("Itaúsa"), under the same commercial conditions as those governing the transaction between Petrobras and FIP. 

The transaction opens up opportunities for partnerships with other companies to strengthen the natural gas sector in Brazil, encouraging new investments in the expansion of gas transport infrastructure. Allowing for partnership agreements along the fuel supply chain, the sale is in line with the company's Strategic Plan/2017-21 Business and Management Plan. PWKD06042017

 

 

Last modified onMonday, 10 April 2017 08:48
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