Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia from Iberdrola Energía, S.A.U. for approximately 160 million.
March 02, 2015
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Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia (BVMF:CEEB5) from Iberdrola Energía, S.A.U. for approximately 160 million on February 27, 2015. Under the terms of the transaction, Neoenergia SA will acquire 5.6 million ordinary shares and 10.4 million class A preference shares. Post the acquisition, Iberdrola Energía, S.A.U. holds no stake and Neoenergia SA will hold a stake of 96.3% in Companhia de Electricidade do Estado da Bahia. In a related transaction, Neoenergia SA acquired an additional 7.01% stake in Companhia Energética do Rio Grande do Norte - COSERN (BOVESPA:CSRN3) from Iberdrola Energía, S.A.U. for 32 million.
The payment for the shares shall be deferred until February 26, 2018. On such date, Iberdrola Energía will also receive the payment of interest accrued, calculated at a rate of 12.19 % per annum. The estimated gross consolidated capital gains for the transactions in the fiscal year 2015 will amount to approximately 69 million. Machado, Meyer, Sendacz e Opice acted as legal advisor to Iberdrola. Souza, Cescon Avedissian, Barrieu e Flesch Advogados acted as legal advisor to Neoenergia.
Neoenergia SA completed the acquisition of an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia (BVMF:CEEB5) from Iberdrola Energía, S.A.U. on February 27, 2015.
Neoenergia S.A. specializes in the production, transmission, distribution and trading of electricity. Net sales break down by activity as follows:
- electricity distribution (96%): 71,318 GWh of electricity distributed to 16.4 million residential, commercial, industrial, institutional and rural customers at the end of 2023. The group also develops an electricity transmission activity (operation of a network of 2,543 km of power lines).
- electricity trading (2.4%). In addition, Neoenergia S.A. develops a thermal power generation business;
- renewable energy production (1.6%). At the end of 2023, the group had 44 wind farms, 5 hydroelectric power plants and 2 solar power plants with a total installed capacity of 3,861.8 MW.
Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia from Iberdrola Energía, S.A.U. for approximately €160 million.