Brookfield Infrastructure Consortium To Buy South American Utility For $5.2 Billion

By Ciara LinnaneMarketsMarketWatch Pulse

Brookfield Infrastructure Partners LP , along with institutional clients of Brookfield Asset Management Inc. , said Friday they have agreed to acquire South American natural gas utility Nova Transportadora do Sudeste SA (NTS) from Petr�leo Brasileiro SA, or Petrobras, for about $5.2 billion. Brookfield will pay at least 20% of the price, or about $825 million, while the rest will be paid by institutional investors, who include CIC Capital Corp. and GIC Private Limited, Brookfield said in a statement. "This is a unique opportunity to invest in a large-scale, high quality utility business and participate over time in Brazil's growing gas industry," Brookfield Infrastructure Chief Executive Sam Pollock said in the statement. The deal is expected to close by December, or as soon as possible thereafter. Brookfield Infrastructure shares were not yet active in premarket trade, but are up 35% in the year so far, while the S&P 500 has gained 6.5%.

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