6 November 2012
Sale of Comgás stake completed
BG Group today 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 (Cosan). 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.
Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 20 countries on five continents, BG Group has a broad portfolio of exploration and production, liquefied natural gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
For further information visit: www.bg-group.com
BG Group was advised on the transaction by Bank of America Merrill Lynch.
For images of BG Group visit: www.vismedia.co.uk
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There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group's Annual Report and Accounts for the year ended 31 December 2011. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.