BG Group to Sell Stake in Comgás for $1.8 Billion LONDON - The British oil and gas company BG Group agreed on Thursday to sell its 60 percent stake in a Brazilian gas distribution company for $1.8 billion to Cosan, a local sugar and ethanol producer. The BG Group's decision to sell its stake in Comgás, Brazil's largest gas distribution company, comes after the British company announced plans earlier this year to sell $5 billion worth of assets over the next two years. The disposals would free up cash to invest in the company's continuing energy exploration projects around the globe, the BG Group said in February. Under the terms of the deal, Cosan has signed a memorandum of understanding to acquire BG Group's 60.1 percent stake in Comgás for $1.8 billion, 16 percent above the company's closing share price before negotiations were announced on April 12. "This memorandum of understanding is another important step in our ongoing portfolio rationalization and funding diversification programs," the BG Group's chief executive, Frank Chapman, said in a statement. We look forward to concluding this deal as part of our plans to release some $5 billion of capital in the next two years through strategic divestments. Royal Dutch Shell also owns an 18.1 percent stake in the Brazilian gas distribution company, while 21 percent of Comgás's shares are traded on the stock exchange in São Paulo, Brazil. Comgás operates 2,500 miles of pipelines in Brazil and has more than 500,000 customers in 57 cities, according to the Comgás Web site. The deal is subject to regulatory approval, and is expected to close by the end of the year. On Thursday, the BG Group said its net profit rose 55 percent, to $1.27 billion, for the first three months of the year, compared with the period a year earlier, while revenue rose 20 percent, to $5.77 billion. The BG Group's share price fell 3.4 percent in morning trading in London on Thursday.