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Financial News: ISA: Company Formalizes Acquisition Of IENNE In Brazil

ISA: Company Formalizes Acquisition Of IENNE In Brazil

10/07/2017 - 08:10:00 (RTTNews)

(RTTNews) - ISA CTEEP, a subsidiary of Colombia's Interconexión Eléctrica (ISA) in Brazil, sealed the acquisition of the entire shareholding that Isolux and Cymi had in Interconnection Eléctrica Norte e Nordeste (IENNE).

As a consequence, ISA'a subsidiary now owns a 100% stake in the company, with 327,284,000 ordinary shares. The transaction would yield ISA CTEEP annual revenues amounting to R$ 40.9 million (US$ 12.92 million).

According to ISA's chairman, Bernardo Vargas Gibsone, "the acquisition strengthens Grupo ISA's position in Brazil, specifically in the northeastern region, and further ratifies our interest in continuing to explore opportunities for profitable growth in that country."

IENNE is a public service's concessionaire electrical power transmission. It started its commercial operation in 2011, to integrate the Brazilian National Interconnected System (SIN) and increase the capacity for electrical interconnection in the northern and northeastern regions of the South American country.

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