A PYMNTS Company

Brazil: CADE approves sale of CELG to Enel Brazil

By  |  February 21, 2017
Brazil: CADE approves sale of CELG to Enel Brazil

Italian multinational Enel’s Brazilian branch has closed a deal to purchase 94.8% of the CELG Distribução distribution company for $640 million USD. The remaining 5% of the company will be offered to CELG employees and pensioners, while Enel will retain the option to buy any stocks not bought by employees.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The deal was approved last Thursday by Brazil’s competition authority CADE, as well as the National Electric Energy regulator, ANEEL. The move will boost Enel’s client base to 10 million from 7 million, bringing its customer base to a worldwide total of over 65 million people.

    “With this transaction, we will expand our presence in the Brazilian energy distribution sector, making Enel Brazil the country’s second largest distributor. Also, after Italy and the Iberian peninsula, Brazil is now the third largest market for our group in terms of clients” said Enel Group’s CEO, Francesco Starace.

    Full Content: Energy Infrastructure

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.