BG Goup Plc (BG.L,BRGYY.PK) Friday announced that it has decided to divest its 40 percent equity stake in Chilean LNG terminal - GNL Quintero SA, or GNLQ, - to a Spanish company Enagas SA for a total consideration of $352 million, and has entered into an Stock Purchase Agreement with Enagas SA
BG Group stated that the proposed sale would be carried out in two tranches.
In the first tranche, the Spanish company will acquire 20% equity in GNLQ for a consideration of $176 million and is subject to a standard regulatory consent and pre-emption.
Following the successful completion of the first tranche, the second tranche involving the sale of the remaining 20%, for an additional $176 million, subject to partner and lender consents, would be completed.
The company further added that the entire sale transaction involving the 40 percent equity stake, is expected to be completed before the end of this calendar year.
BG Group Chief Executive Sir Frank Chapman said: "The agreement reached today is another important milestone in the successful execution of BG Group's funding diversification and portfolio rationalisation programme…."
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