AES beats Eneva for Brazilian business

AES beats Eneva for Brazilian business

M&A Corporate & Sovereign Strategy Capital Markets Electricity Brazil Latin America

Brazilian power company AES Tietê Energia said Tuesday that the national development bank BNDES agreed to sell part of its stake in the company to AES Corp rather than rival bidder Eneva in a move that one analyst said was the better option. BNDES' investments division BNDESPar will sell 18.5% of AES Tietê to the US-based parent company AES for BRL1.27 billion ($246 million), or BRL17.15 per share in cash, the São Paulo-based company said in a securities filing. "It was the better option because

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