A consortium led by French utility company Engie has won an auction to take over TAG, the Petrobras group’s pipeline operator with an USD 8.6 billion bid that will strengthen Engie’s position on a rapidly growing market, while Petrobras will reduce its debt, Reuters reports.

Engie announced on Monday that its winning bid for a 90% stake in TAG was made by a consortium of Engie and the Canadian company Caisse de Dépôt et Placement du Québec (CDPQ), according to profit.ro.

Petrobras, a Brazilian state-owned company, will hold a 10% stake in the TAG.

Engie has announced that TAG will provide a steady source of profit, operating 47% of Brazil’s entire gas infrastructure.