British energy producer BG Group on Tuesday sold its majority stake in a North Sea gas pipeline for up to £562 million ($954 million, 704 million euros) to Paris-based fund manager Antin Infrastructure Partners.
"BG Group today announced it had agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to £562 million," it said in a statement.
Under the terms of the deal, BG Group will sell its 62.78-percent holding for £523 million and an extra deferred amount of £39 million.
The transaction, which will complete in the second half of this year, is expected to create a post-tax profit on disposal of approximately $700 million.