The Brazilian state-owned oil company sold assets to one of the largest asset managers in the world.
Brookfield Infrastructure announced on April 4th that it has completed the purchase of 90% of Nova Transportadora do Sudeste, a subsidiary of the Brazilian state-owned oil company Petrobras, for $5.2 billion. The value may be paid in two installments, one upfront payment of $4.2 billion and the remaining billion will be paid on the fifth anniversary of the deal.
Brookfield Infrastructure is part of Brookfield Asset Management, one of the major asset managers and investors in the world,. The Canadian company operates assets in the sectors of utilities, transport, energy and communications infrastructure in North and South America, Asia Pacific and Europe.
Nova Transportadora do Sudeste is a Brazilian company operating in the field of construction, installation, operation and maintenance of natural gas pipelines. Founded in 2002, it has its headquarters in the city of Rio de Janeiro.
Sam Pollock, chief executive officer of Brookfield Infrastructure commenting on the deal said: “Closing this transaction was one of our top priorities for 2017. We are deploying approximately $1.3 billion at closing to significantly expand our utilities business in a sector and geography that we know well, where we will earn strong risk-adjusted returns."
Banco Bradesco, J.P. Morgan and Santander Global Corporate Banking worked as the financial advisors for Petrobras, while Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados assisted in the legal side of the transaction. The Brazilian law firm Pinheiro Neto Advogados worked with Brookfield Infrastructure in the deal.