Printer Friendly

Brazil : Brookfield Infrastructure acquires 90% stake in Petrobras's natural gas pipeline unit.

A group led by Brookfield Infrastructure has completed a US$5.2bn deal to acquire a 90% stake in the natural gas pipeline unit of the Brazilian Petrobras.

CEO Sam Pollock said Brookfield had already made an upfront payment of US$4.2bn to the state-run oil company, with the balance due in 2022.

Pollock said in a company statement, "Closing this transaction was one of our top priorities for 2017. We are deploying approximately US$1.3bn at closing to significantly expand our utilities business in a sector and geography that we know well, where we will earn strong risk-adjusted returns."

Brookfield's partners in the transaction are Singapore's sovereign wealth fund GIC Pte, China Investment Corp and US private equity company First Reserve Corp.

Petrobras is selling around US$35bn of assets as it tries to overcome a crippling corruption scandal and pay off the largest debt load of the industry.

[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Apr 7, 2017
Words:165
Previous Article:India : Indian logistics startup ElasticRun secures $7M in Series A funding round.
Next Article:Cyprus : Qatar Petroleum, Exxon Mobil sign exploration and production sharing deal with Cyprus' Govt.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters