State Grid wraps up CPFL Renováveis acquisition

State Grid wraps up CPFL Renováveis acquisition

Capital Markets Equity M&A Renewable Brazil China

China's State Grid has acquired full control of CPFL Renováveis, the renewable energy business of the Brazilian electricity company CPFL Energia, for BRL4.11bn ($1.06bn). State Grid bought 243m common shares for BRL16.85 each, equal to 48.4% of CPFL Renováveis, the renewable energy company said in a statement. The Chinese electricity company first tried to buy out minority shareholders in CPFL Renováveis for BRL12.20 per share, but it had to sweeten the deal after the Brazilian securities regula

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial