Itaú invests in Equatorial Energia

Itaú invests in Equatorial Energia

M&A Equity Capital Markets Energy Electricity Brazil

Brazilian bank Itaú Unibanco has agreed to invest BRL1 billion ($246 million) in a subsidiary of the local power company Equatorial Energia.By subscribing to a capital increase, Itaú will take a 9.9% stake in Equatorial Distribuição, which controls the electric utility companies Centrais Elétricas do Pará (Celpa) and Equatorial Maranhão, Equatorial said in a securities filing.Equatorial will hold on to 90.1% of Equatorial Distribuição. The subsidiary, in turn, will keep 96.5% of Celpa and 65.1%

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