Eletrobras Participacoes SA completed the acquisition of 51% stake in Celg Distribuicao SA from Companhia Celg de Participações.
On April 24, 2012, the shareholders and management agreements were signed between Eletrobras and the Government of the State of Goiás in relation to Companhia Celg de Participações, in order to allow Eletrobras to take over the executive management of Celg Distribution through a majority representation on the Board of Directors of Celg Distribution. Eletrobras will invest BRL 1 billion in Celg Distribuicao over the next five years. As of February 12, 2014, the transaction has not been closed.
As of August 27, 2014, the Board of Directors of Eletrobras approved the transaction. The purchase price for the acquisition was fixed at approximately BRL 59.5 million. Completion of the transaction is subject to the satisfaction of conditions among which capitalization of CELG Distribuição by Celgpar, amounting to BRL 1.680 billion, through a capital increase with issuance of new shares, approval by the shareholders Eletrobras and approval by relevant government and regulatory bodies. As of September 23, 2014, the transaction was approved by Companhia Celg de Participações. The acquisition is now subject to approval by the shareholders of Eletrobrás Participações S.A. - ELETROPAR, which is scheduled for September 26, 2014. Deloitte Touche Tohmatsu Consultores Ltda. acted as accountant for Eletrobras Participacoes SA. Banco de Investimentos Credit Suisse (Brasil) S.A., Advisory Arm acted as financial advisor for Companhia Goias De Participações, Celg Participacoes and the Goias State Government.
Eletrobras Participacoes SA (BOVESPA:LIPR3) completed the acquisition of 51% stake in Celg Distribuicao SA from Companhia Celg de Participações on January 27, 2015.