UPDATE 2-Canada's CPPIB boosts stake in Peru pipeline company

Mon Mar 24, 2014 12:13pm EDT

(Adds details on deal previously announced by Grupo Energia de Bogota)

TORONTO, March 24 (Reuters) - The Canada Pension Plan Investment Board (CPPIB) said on Monday it has bought an additional 23.6 percent stake in Transportadora de Gas del Perú (TgP), the country's largest transporter of natural gas and natural gas liquids, from Tecpetrol International SA, and would become the biggest shareholder.

CPPIB, which manages investments for Canada's national pension plan, said it also expects to buy a 2.4 percent interest in TgP from Spanish pipeline operator Enagás Internacional and 0.4 percent from Peruvian investor Corporación Financiera de Inversiones.

Those transactions would take its stake in TgP to 36.8 percent. In January, CPPIB announced a deal for its original 10.4 percent stake in TgP..

The pension fund manager said it had also acquired TgP's operator, Compañía Operadora de Gas del Amazonas, from Argentine energy firm Tecpetrol, paying $607 million for the two assets.

But it will sell 51 percent of Compañía Operadora de Gas del Amazonas to Peruvian engineering and construction company Graña y Montero and 30 percent to Enagás Internacional.

In making the deal for the enlarged TgP stake, CPPIB said it was exercising a right of first refusal.

Its move effectively replaces a similar deal that had been planned by Grupo Energia de Bogota, a distributor of gas and power with assets in Peru. The Colombian company said on Jan. 16 that it had agreed to buy Compañía Operadora de Gas del Amazonas and a 23.6 percent stake in TgP for $650 million.

Monday was a holiday in Colombia, and Grupo Energia de Bogota could not immediately be reached for comment. (Reporting by Allison Martell in Toronto and Mitra Taj in Lima; Editing by Lisa Von Ahn and Peter Galloway)

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