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Financial News: ELETROPAULO: Brazilian Regulator Authorizes Energisa To Bu

ELETROPAULO: Brazilian Regulator Authorizes Energisa To Buy Majority Stake

04/16/2018 - 16:44:00 (RTTNews)

(RTTNews) - The Brazilian competition regulator (Cade) authorized Energisa to acquire a controlling stake in the Sao Paulo state power company cby R$ 3.24 billion (US$ 950 million), or R$ 19.38 per share, excluding those held in treasury.

According to the regulator, the decision is still subject to appeal for 15 days after its publication in the Official Gazette (DOU). If that does not occur, the decision should become final.

In a recent statement, Energisa said that it could give up on the transaction if it lacks enough support from Eletropaulo's shareholders.

The company also said that the proposal might be modified or revoked if there are changes to the business conditions, revenues or assets of Eletropaulo and its subsidiaries, directly or indirectly, representing an increase in the net debt to EBITDA ratio to any level above 3.5 times.

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