Enel pays up for Eletropaulo stock

Enel pays up for Eletropaulo stock

Capital Markets Equity M&A Brazil

Enel has paid BRL5.55bn ($1.48bn) for 73.4% of Eletropaulo after shareholders in the São Paulo-based utility accepted the offer of BRL45.22 per share. The offer was open during Monday trading hours at the B3 stock exchange in São Paulo, where the Italian utility gained a controlling stake in Eletropaulo, representatives from B3 confirmed after close of business. Enel outbid Spain's Iberdrola, after valuing Eletropaulo at roughly BRL7.57bn last Friday. Fitch Ratings said in a report last Friday t

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