State-controlled Italian energy group Enel has acquired 73% of Brazilian power distribution company Eletropaulo, outbidding Neoenergia, controlled by Spain’s Iberdrola, with a bid of approximately $1.46 billion.
This acquisition will transform Enel into Brazil's leading electricity distributor, overtaking Chinese-owned CPFL Energia, reports Leaders League.
Since April, Enel and Neoenergia/Iberdrola competed for the controlling stake of Eletropaulo, pushing its value from $800 million to nearly $1.5 billion.
Eletropaulo is responsible for distributing energy in São Paulo as well as 23 other cities in São Paulo state reaching an estimated 18 million people.
Source: Leaders League