Blackstone Group has teamed up with its Brazilian associate to compete for Petroleo Brasileiro SA’s pure fuel pipeline community within the nation’s northeast, mentioned individuals with information of the matter.
Blackstone and Patria Investimentos Ltda are certainly one of at the very least three teams which have made non-binding gives as much as $6 billion to amass the asset, the individuals mentioned, asking to not be named as a result of the discussions are personal. Mubadala Development and EIG Global Energy Partners additionally made an preliminary supply for the 90% stake in Transportadora Associada de Gas SA, in addition to a consortium led by French Energy firm Engie SA, in keeping with the individuals.
Banco Santander SA is advising Rio de Janeiro-based Petrobras on the deal and it ought to shut earlier than the top of the primary half of 2018, in keeping with the individuals.
Brazil’s bettering economic system has spurred extra competitors for the pipelines in comparison with the 2016 divestment of Nova Transportadoras do Sudeste, the same pipeline community within the southeast, the individuals mentioned. NTS was purchased for $5.2 billion by a consortium led by Brookfield Asset Management that included Itausa – Investimentos Itau SA.
Petrobras, Blackstone, Patria and EIG declined to remark. Mubadala didn’t reply to e-mails and cellphone calls looking for remark. Engie is specializing in natural development and acquisitions that adhere to its technique to develop in Brazil’s fuel market, specializing in the worth chain and regulatory framework, an organization spokeswoman mentioned in an emailed response to questions. All belongings accessible within the sector are being thought-about and checked out fastidiously, she mentioned.
Petrobras CEO Pedro Parente has set an aggressive agenda to solidify the state-controlled firm’s funds after the dual challenges of the oil rout and a corruption scandal dealt it a near-death expertise. He is speeding to complete his work earlier than an unpredictable presidential marketing campaign subsequent yr makes it tougher to promote belongings.
Parente foresees signing $21 billion in asset gross sales within the subsequent eight months, he mentioned in a interview at Bloomberg’s workplace in New York earlier in November.
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Peter Grauer, chairman of Bloomberg LP, is a non-executive director at Blackstone.
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