November 28, 2018 |
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
Chinese power company pays $1bn to take full control of the renewable energy business of Brazil's CPFL Energia