Italian energy company Enel has disclosed its plans to acquire Brazilian power distribution company Eletropaulo Metropolitana Eletricidade de São Paulo (Eletropaulo) for up to $1.36 billion (€1.1 billion).
Enel has launched a voluntary tender offer through its Brazilian subsidiary Enel Brasil Investimentos Sudeste to acquire the entire share capital of the private electric utility, reports EBR.
Eletropaulo’s proposed acquisition by Enel Sudeste will be subject to approval from Agência Nacional de Energia Elétrica (ANEEL), the Brazilian energy regulator.
Apart from Enel, Spanish energy company Iberdrola’s subsidiary Neoenergia is also looking to acquire Eletropaulo.
Eletropaulo is among the largest power distributors in Brazil, serving more than 18 million customers across 24 municipalities in the metropolitan region of São Paulo. It is majority owned by Energisa, an electric services company based in Rio de Janeiro.