June 5, 2018 |
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
São Paulo utility takes on new owner after Italian peer pays roughly $1.5bn for a controlling stake