OREANDA-NEWS. November 14, 2012. BG Group t completed the previously announced transaction to sell the Group’s entire 60.1% holding in Comgas for a consideration of Brazilian reais 3.4 billion, or approximately USD 1.7 billion, to Cosan S.A. Industria e Comercio (Cosan). In addition, debt on the BG Group balance sheet has been reduced by some USD 1 billion, reported the press-centre of BG Group.  

The transaction was concluded after BG Group and Cosan obtained the necessary approvals from the Sao Paulo State Sanitation and Energy Regulation Agency and the Economic Defense Administrative Board.

BG Group announced in May it had signed a definitive binding agreement with Cosan for the sale of the Group’s interest in Comgas, Brazil’s largest gas distribution company.

BG Group took the strategic decision to exit its Transmission & Distribution and Power businesses as an integral part of a portfolio rationalisation programme. Conclusion of the Comgas transaction follows agreement in early October to sell BG Group’s controlling interest in India’s Gujarat Gas Company Limited for approximately USD 470 million and the sale in May of the Group’s interests in two Philippines power plants for USD 360 million.