Cemig and Light Buy Belo Monte Stake

Cemig and Light Buy Belo Monte Stake

Brazil M&A

Brazilian power utilities Companhia Energetica de Minas Gerais (Cemig) and Light have acquired a 9.77% stake in the Belo Monte hydroelectric dam from a group of construction companies. Cemig, which controls Light, and Light will pay BRL118.7m ($67.37m) for the stake in the $11bn project, the latest acquisition in Cemig’s organic and acquisition-led growth strategy. The transaction involved acquiring shares owned by six construction companies, namely the 2.51% held by Construtora Queiroz Gal

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