BG completes sale of interest in CATS pipeline, infrastructure

7/14/2014

BG completes sale of interest in CATS pipeline, infrastructure

READING, United Kingdom -- BG Group has 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 June 17, 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 categorization of the Group's interest in CATS as held for sale in the second quarter.

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