EDP Renováveis agrees the acquisition of 45% of EDP Renováveis Brasil from EDP Brasil
EDP Renováveis, S.A. has signed an agreement with EDP Brasil for the acquisition of 45% of EDP Renováveis Brasil, S.A. (EDPR Brasil).
EDP Renováveis Brasil S.A. is engaged in the generation, transmission, and sale of electricity from hydraulic or mini-hydraulic, wind, solar, solar thermal, photovoltaic, biomass, and waste resources. The company was founded in 2007 and is based in Sao Paulo, Brazil.
The transaction follows the Memorandum of Understanding (MoU) executed with EDP Energias do Brasil, S.A. and announced to the market on November 27th, 2014.
The agreed transaction price totals R$190 million (US$62.3 million) which is divided as R$ 176 million at closing and up to R$ 14 million in earn-out payments.
Completion of this transaction is subject to regulatory approval and other customary closing conditions, and is expected to occur until the end of 2015.
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