Chi­nese util­ity buys big in Brazil

China Daily European Weekly - - Business -

State Grid Cor­po­ra­tion of China an­nounced on Jan 24 that it has taken own­er­ship of a con­trol­ling stake in Brazil­ian power util­ity CPFL En­er­gia SA, the largest power dis­trib­u­tor in the coun­try. State Grid, the world’s largest util­ity com­pany, con­cluded the deal for a 54.64 per­cent stake in CPFL five months af­ter sign­ing the agree­ment for the ac­qui­si­tion. Records show that the value of the deal will to­tal $4.49 bil­lion (4.19 bil­lion eu­ros; £3.58 bil­lion), the State Grid’s big­gest over­seas in­vest­ment project so far.

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