CPFL Energia offers to buy State Grid's stake in renewables biz

CPFL Energia offers to buy State Grid's stake in renewables biz

M&A Equity Corporate & Sovereign Strategy Capital Markets Energy Renewable Solar Wind Brazil China

Brazil's CPFL Energia said it has offered to buy the stake in its renewable energy division owned by its parent company, China's state-owned utility State Grid. The two companies still have to agree upon the final price, but State Grid previously said it could sell the stake in CPFL Energia Renováveis for BRL16.85 ($4.15) per share, CPFL Energia said in a statement. CPFL Energia also said it has hired UBS to determine a price per share for State Grid's stake in the renewable energy business.

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