Brazil's Renova Energia board approves Brookfield deal: Reuters
Renova Energia SA’s board has approved Brookfield Asset Management Inc’s proposal to acquire a controlling stake in the Brazilian renewable energy company for 1.4 billion reais (US$433 million), Reuters reported. Brookfield will buy new units, which consist of preferred and common shares, for 6 reais each, according to the filing by Renova stakeholder Light SA. Reuters was first to report the negotiations between Brookfield and Renova in March. The deal, which began with a proposal to acquire a minority stake, evolved into an offer to control the renewable energy company in July. The long-awaited sale is part of an asset divestment program that Companhia Energetica de Minas Gerais, which controls Renova, began to pay off debt.
27 November 2017•1 min read
