Petrobras

Brookfield-led group to buy $5.2 billion Petrobras pipeline unit: source

By Tatiana Bautzer | SAO PAULO

Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) (PBR.N) agreed to sell 90 percent of its natural gas pipeline unit to a group of investors led by Canada’s Brookfield Asset Management Inc (BAMa.TO) for $5.2 billion, a source with direct knowledge of the deal said on Tuesday.

The investor group includes British Columbia’s pension fund and Chinese and Singaporean sovereign wealth funds CIC [CIC.UL] and GIC [GIC.UL]. The preliminary agreement will be submitted to the companies’ boards and the transaction is expected to close in late September, said the source.

Brazil’s state oil company, known as Petrobras, declined to comment on the matter, and Brookfield also declined to comment.

The deal will be the largest divestment so far in the heavily indebted oil company’s $15 billion asset sale plan.

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Categories: Petrobras

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