LONDON: British energy producer BG Group yesterday sold its majority stake in a North Sea gas pipeline for up to £562m ($954m) to Antin Infrastructure Partners.
“BG Group today announced it had agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to £562m,” it said in a statement.
Under the terms of the deal, BG Group will sell its 62.78-percent holding for £523m and an extra deferred amount of £39m.
The transaction, which will complete in the second half of this year, is expected to create a post-tax profit on disposal of approximately $700m.
AFP
