BG Group (BRGYY.PK,BG.L) has completed the prior announced transaction to sell the Group's entire 60.1% stake in Comgás for Brazilian reais 3.4 billion, or about $1.7 billion, to Cosan S.A. Indústria e Comércio. Further, debt on the BG Group balance sheet has been reduced by around $1 billion.
The transaction was completed 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.
During May, BG Group announced the signing of a definitive binding deal with Cosan for the sale of the Group's interest in Comgás, Brazil's largest gas distribution company.
As an integral part of a portfolio rationalisation programme, BG Group decided to exit its Transmission & Distribution and Power businesses. Comgás transaction's completion follows an agreement in early October to sell BG Group's controlling interest in India's Gujarat Gas Company Ltd. for some $470 million and the sale in May of the Group's interests in two Philippines power plants for $360 million.
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