The Canada Pension Plan Investment Board (CPPIB) purchased an additional 23.6% in Transportadora de Gas del Perú (TgP), a Peruvian pipeline firm.
The US$607-million ($679.3-million) transaction included the acquisition of 100% of Compañía Operadora de Gas del Amazonas (COGA), the company that operates TgP.
The interest in TgP was acquired from Tecpetrol International, Tecpetrol Internacional and Tecpetrol.
In addition, the CPPIB expects to acquire an additional 2.4% interest in TgP from Enagás Internacional and an additional 0.4% interest in TgP from Corporación Financiera de Inversiones.
Including the 10.4% stake in TgP acquired earlier this year, the CPPIB expects to hold a total ownership interest in TgP of 36.8%, establishing it as the largest shareholder.
Separately, the CPPIB has also agreed to sell a 51% interest in COGA to Graña y Montero and 30% of COGA to Enagás. Following completion of these transactions, the CPPIB will retain a 19% interest in COGA.
“CPPIB’s significant ownership position demonstrates our belief in TgP’s potential and our confidence in management’s proven track record,” says André Bourbonnais, senior vice-president, private investments, with the CPPIB. “We believe that CPPIB’s investment in COGA, combined with the expertise of our partners, will contribute to TgP’s continued success.”
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