Transportadora Associada de Gás Acquisition & Valuation

Transportadora Associada de Gás was acquired by Engie, Engie Brasil and La Caisse for $1.9B in July 2020.

Transportadora Associada de Gás acquisition price

$1.9B

Acquired by Engie, Engie Brasil +1 · Jul 2020

Transportadora Associada de Gás revenue

$1.9B

Secondary · Dec 2023

Key investors in Transportadora Associada de Gás

  • La Caisse

Transportadora Associada de Gás Overview

About Transportadora Associada de Gás

Transportadora Associada de Gás, known as TAG, is a Brazilian natural gas transportation company based in Rio de Janeiro. It owns and operates a network of high-pressure pipelines along the coast of the Southeast, Northeast and North regions, carrying gas from offshore fields and import terminals to distributors, power plants and industrial users. The business was created within Petrobras and sold in 2019 to a group of ENGIE and the Canadian investor CDPQ, which became its shareholders. TAG sells transport capacity to shippers under long-term contracts with tariffs set by the national regulator ANP, and it also runs a gas balancing platform and capacity offering processes. Its strategy includes network expansion and projects for biomethane and gas storage.


Founded

2008

HQ

BrazilRio de Janeiro

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Revenue

$1.9B (Dec 2023)

Valuation

$4.2B (Dec 2023)

Sectors

Transportadora Associada de Gás Acquisition

Transportadora Associada de Gás was acquired by Engie, Engie Brasil and La Caisse for $1.9B on 22 July 2020.

ENGIE and CDPQ agreed in July 2020 to buy the remaining 10% of Transportadora Associada de Gas from Petrobras for BRL 1.0 billion, roughly EUR 160 million or USD 190 million. The sale was Petrobras's second step in divesting TAG, after the consortium bought 90% in 2019, and Petrobras described it as part of its portfolio optimisation and capital allocation plan. After the purchase ENGIE's total holding rose to 65%, of which 32.5% is held through ENGIE Brasil Energia, and CDPQ held the other 35%. ENGIE said it would keep consolidating TAG under the equity method and expected a net debt impact of about EUR 105 million. TAG is the largest natural gas transporter in Brazil, with about 4,500 km of pipelines along the coast of the Southeast and Northeast regions plus a further inland stretch.

Transportadora Associada de Gás acquisition details
AcquirerDateTypePrice
22 Jul 2020Strategic M&A$1.9B

Sources: irei.com, offshore-technology.com

Transportadora Associada de Gás Valuation

Transportadora Associada de Gás is currently valued at $4.2B, based on its secondary sale in December 2023. Read the announcement ↗

The $633M round was led by La Caisse.

Transportadora Associada de Gás valuation by funding round

Transportadora Associada de Gás valuation by funding round
DateStageValuationRevenue Multiple
Dec 2023Secondary$4.2B2.3x

Transportadora Associada de Gás Revenue

Transportadora Associada de Gás' latest recorded revenue is $1.9B, as of its secondary sale in December 2023. At a $4.2B valuation, that implies a 2.3x revenue multiple.

Transportadora Associada de Gás revenue by funding round

Transportadora Associada de Gás revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2023$1.9B$4.2B2.3xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Transportadora Associada de Gás Funding History

Transportadora Associada de Gás has 1 recorded secondary share sale and no primary funding rounds.

Transportadora Associada de Gás funding rounds

Transportadora Associada de Gás funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2023SecondaryLa Caisse (lead)$633M$4.2BTransportadora Associada de Gás S.A. (TAG) owns and manages over 4,500 kilometers of natural gas transportation assets across 10 states in Brazil's North, Northeast, and Southeast regions, with fully contracted capacity. ENGIE Brasil Energia sold a 15% stake in TAG to CDPQ (La Caisse de dépôt et placement du Québec) for BRL 3.1 billion (approximately CAD 848 million), implying a full company valuation of BRL 20.67 billion. Post-transaction, ENGIE S.A. holds 50% equity in TAG, with ENGIE Brasil Energia reducing its stake from 32.5% to 17.5%, while CDPQ holds the other 50%, both parties linked to the shareholders' agreement. The deal, announced in late 2023, supports CDPQ's infrastructure strategy in Brazil, reinvesting in well-contracted assets managed by an experienced team, with financial close expected by end of January 2024.

Who has invested in Transportadora Associada de Gás?

1 investor has backed Transportadora Associada de Gás across its funding rounds, including La Caisse.

Lead investors include La Caisse.


Transportadora Associada de Gás Investors

Investors in Transportadora Associada de Gás by funding rounds participated
InvestorHQRoundsRoleFirst check

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Transportadora Associada de Gás Competitors

Transportadora Associada de Gás competitors include listed companies like Kodiak Gas Services, Aradel Holdings, COOEC and CVR Energy, and private ones like TANAP and Yinson Production.

Public and private companies comparable to Transportadora Associada de Gás
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Kodiak Gas ServicesUnited StatesUnited StatesPublicly listed$1.3B$588M$4.2B4.6x
Aradel HoldingsNigeriaNigeriaPublicly listed$461M$351M$4.2B2.0x
COOECChinaChinaPublicly listed$4.1B$604M$4.2B0.4x
CVR EnergyUnited StatesUnited StatesPublicly listed$7.2B$591M$4.2B0.5x
TANAPTurkeyAnkaraPrivate--$4B-
Yinson ProductionSingaporeSingaporePrivate$606M-$3.7B6.1x

Transportadora Associada de Gás Public Comps

Transportadora Associada de Gás is no longer listed, but its public comps include Kodiak Gas Services, Aradel Holdings, COOEC, CVR Energy, Rubis, Aegis Logistics, California Resources, Scorpio Tankers, Whitehaven Coal and Golar LNG.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kodiak Gas Services$1.3B$588M5.3x4.6x11.7x8.4x
Aradel Holdings$461M$351M9.1x2.0x12.0x-
COOEC$4.1B$604M0.4x0.4x2.7x2.7x
CVR Energy$7.2B$591M0.7x0.5x8.3x4.9x
Rubis$7.3B$810M0.9x0.7x7.8x7.0x
Aegis Logistics$880M$161M5.0x4.3x27.5x21.9x
California Resources$3.4B$1.1B1.2x1.1x3.7x3.1x
Scorpio Tankers$938M$570M2.8x2.0x4.6x2.8x

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Common questions about Transportadora Associada de Gás

When was Transportadora Associada de Gás founded?Transportadora Associada de Gás was founded in 2008.
Where is Transportadora Associada de Gás headquartered?Transportadora Associada de Gás is headquartered in Rio de Janeiro, Brazil.
Is Transportadora Associada de Gás publicly listed?No, Transportadora Associada de Gás was acquired by Engie, Engie Brasil and La Caisse in July 2020.
Who acquired Transportadora Associada de Gás?Transportadora Associada de Gás was acquired by Engie, Engie Brasil and La Caisse in July 2020.
How much was Transportadora Associada de Gás acquired for?Transportadora Associada de Gás was acquired for $1.9B in July 2020.
What is Transportadora Associada de Gás' valuation?Transportadora Associada de Gás was last valued at $4.2B in its secondary sale in December 2023.
Who are Transportadora Associada de Gás' investors?Transportadora Associada de Gás' investors include La Caisse.
What is Transportadora Associada de Gás' revenue?Transportadora Associada de Gás' latest recorded revenue is $1.9B (December 2023).
What is Transportadora Associada de Gás' revenue multiple?Transportadora Associada de Gás' latest valuation implies a 2.3x revenue multiple ($4.2B valuation on $1.9B of revenue).
Which companies are comparable to Transportadora Associada de Gás?Companies comparable to Transportadora Associada de Gás include Kodiak Gas Services, Aradel Holdings, COOEC, CVR Energy, TANAP and Yinson Production.

See companies similar to Transportadora Associada de Gás

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