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Neoenergia looks to capital markets to fund CEB acquisition

Neoenergia looks to capital markets to fund CEB acquisition

December 7, 2020 | Joe Rowley
Brazilian energy company bids $489 mln to win auction for Brasília's state-owned power company

Corporate & Sovereign Strategy Debt Equity Project & Infrastructure Finance M&A Economy & Policy Energy Electricity Brazil Latin America

Brazilian energy company Neoenergia plans to go to the capital markets to fund the acquisition of the distribution division of the state-owned power company Companhia Energética de Brasília (CEB), given the "favorable" market conditions, CEO Mario Ruiz-Tagle said at a press conference on Friday. Neoenergia won an auction on Friday by bidding BRL2.52 billion ($489 million), or 76.6% above the minimum asking price, to buy CEB-D from the Federal District government. The Rio de Janeiro-based company

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