UPDATE 1-Exco may shed one-third TGGT stake

Feb 3 (Reuters) - Exco Resources Inc said it is looking to shed a one-third equity interest in TGGT Holding LLC -- a 50:50 joint venture between the oil and gas producer and BG Group Plc -- for about $400 million.

The Dallas-based company said it has entered into an agreement granting a forty-five day exclusivity period to an unaffiliated private infrastructure fund to negotiate the sale.

Exco expects an affiliate of BG Group to participate in the transaction on a pro-rata basis.

TGGT Holdings LLC owns and operates midstream gathering and transportation assets in east Texas and north Louisiana.

Exco shares, which have lost almost two-thirds of their value in the last one year, opened a percent up at $7.35 on Friday on the New York Stock Exchange.