Copel auctions off broadband business

Copel auctions off broadband business

Debt Corporate & Sovereign Strategy Economy & Policy Equity Project & Infrastructure Finance Telecoms Brazil Latin America Technology

Paraná state-owned electric utility company Copel said it auctioned its broadband internet division, Copel Telecomunicações, to a local investment fund for BRL2.4 billion ($442 million). Bordeaux Fundo de Investimento em Participações Multiestratégia won the bidding with an offer that was 70.9% higher than the opening price of BRL1.4 billion, Copel said in a securities filing on Monday. Three other bidders participated in the auction, and Minas Gerais-based Algar Telecom made the best offer in t

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