ENEVA Enters into Agreements with PGN Shareholders

Source: www.gulfoilandgas.com 3/28/2016, Location: South America

ENEVA entered into agreements with Cambuhy and OGX to transform Parnaiba Gas Natural (PGN) in its wholly owned subsidiary. The new configuration aims to position ENEVA as the only gas-to-wire independent company in the country with two distinct and complementary activities of energy generation and oil & gas E&P.

The combination ENEVA's experience in generation and PGN's in exploration and production in the oil & gas sector makes it possible to create a stronger platform, which is able to take advantage of market opportunities in both segments.

The proposed transaction, estimated in the amount of approximately R$ 1.15 billion, foresees the realization of a private capital increase, with conclusion scheduled for the third quarter of 2016. The agreements foresee that Cambuhy and OGX contribute their respective stakes in PGN in favor of ENEVA. In return, both Cambuhy and OGX will become ENEVA's shareholders.

The transaction is subject to the review and approval of shareholders and relevant bodies, as well as to the conditions precedent set out in the agreements between the parties. Until then, both companies will continue the normal course of its operations, dedicated to the management and delivery of its operational and financial commitments.

"The combination of these two great companies with their major operating and human assets will allow the development of opportunities on several fronts: better integration in the current operations, development and expansion of generation and E&P activities, confirmation of ENEVA as an increasingly relevant company in the Brazilian energy sector and the consolidation of the company with adequate capital structure for both its obligations to short and medium term, as well as its prospects for growth and expansion", informs ENEVA CEO, José Aurelio Drummond.

For PGN CEO, Pedro Zinner, the operation consolidates the E&P activity, as well as the maximization of value of the gas-to-wire model. "With the new corporate structure there is an alignment between the shareholders, allowing the operations of generation and E&P seek new growth levers", says Zinner.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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