Cade approves the acquisition of control of Cesp
Date
November 16, 2018
Type
M&A Transactions
Subtype
Transaction completed
Countries
Brazil
Subsectors
Hydropower
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Votorantim Energia and the CPPIB has obtained green light on the acquisition of Cesp upon approval of the Administrative Council for Economic Defense (Cade).
Together, the two companies offered BRL14.60 (US$3.94) per common and class B preferred share for a 35.6% stake in the company’s total share capital, representing a BRL1.7 billion (US$459.1 million) investment by the joint venture partners.
This investment is the result of an auction held by the State of São Paulo at the Brazilian Stock Exchange.
