BG Group has completed the sale of its entire 60.1% holding in Comgás, for a consideration of BRL3.4bn, or approximately US$1.7bn, to Cosan Indústria e Comércio (Cosan). 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. Comgás is Brazil’s largest gas distribution company. Shell owns a 6.34% direct stake in the company and a 11.86% indirect interest (18.2% in total).
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 US$470m and the sale in May of the Group’s interests in two Philippines power plants for US$360m.