AES finalises Eletropaulo stake sale

RIO DE JANEIRO, June 15, 2018 – Energy company AES has concluded the sale of a 17% stake in Eletropaulo to Italy’s Enel, international media reported on Thursday.

AES will receive about USD 310 million for its interest, which it will use to pay down debts and exit the Brazilian power distribution market. The company will pivot towards renewable power with a focus on local subsidiary AES Tiete.

Enel’s acquisition of AES’ shares in Eletropaulo will position it as a 90% stakeholder in Brazil’s largest power distribution company. At the end of May, the Italian firm beat out Iberdrola for a 73% stake in Eletropaulo worth USD 2 billion.

Eletropaulo serves 5.8 million users in São Paulo.

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