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Shell to sell 16.8% Comgás interest to Cosan in $380M deal

Royal Dutch Shell plc will sell its 16.8% interest in Companhia de Gas de São Paulo, or Comgás, to Cosan Ltd. in a deal with a headline value of about $380 million, Shell said.

Under the agreement, Shell will exchange its 21.8 million common shares in Comgás for interest in Cosan S.A. Indústria e Comércio, or Cosan SA, plus cash.

Cosan SA will transfer shares equal to 5% of its own capital plus 209 million reais, converted to U.S. dollars, to Shell upon closing the deal, Reuters reported. It will pay an additional 215 million reais, converted to dollars, a year later.

The deal is expected to be completed by the end of 2017, subject to customary closing conditions, regulatory approvals and certain consents.

Cosan SA currently owns a 63.4% stake in Comgás, Brazil's largest gas distributor.

As of Oct. 10, US$1 was equivalent of 3.16 Brazilian reais.