BG Group Completes Sale in CATS
BG Group today announced it had completed the sale of its 62.78% equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners. Total proceeds from the transaction, announced on 17 June 2014, are up to £562 million, or approximately $961 million at current exchange rates, comprising a payment on completion of £523 million and a deferred amount up to £39 million. A post-tax profit on disposal of approximately $700 million will be recorded in BG Group's third quarter accounts. This may be partly offset by a potential impairment of BG Group's associated UK North Sea assets following the categorisation of the Group's interest in CATS as held for sale in the second quarter.
CATS Pipeline & Infrastructure Sold for $954m
BG Group 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 $954 million. Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising $888 million on completion of the transaction and a deferred amount of $66 million. The sale does not impact BG Group's rights to capacity in CATS. CATS comprises a fixed-riser platform linked to the Everest oil and gas platform…
