AES Tietê schedules move to Novo Mercado

AES Tietê schedules move to Novo Mercado

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

Brazilian power company AES Tietê said Wednesday that its US parent, AES Corp, will transfer the company's shares to the Novo Mercado segment of the B3 stock exchange within six months after it closes a deal with national development bank BNDES. BNDES' investment division BNDESPar agreed to sell 18.5% of AES Tietê to AES for BRL1.27 billion ($246 million) on Tuesday after a months-long battle with rival energy company Eneva. AES offered BRL 17.15 per share in cash and pledged to migrate the comp

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