China’s State Grid Inks $1B Deal For Brazilian Power Assets

Law360, New York (May 29, 2012, 4:06 PM EDT) -- State Grid Corp. of China, the world’s largest power utility company, has struck a deal worth roughly 2 billion Brazilian reais ($1 billion) for electricity transmission facilities spread across the South American powerhouse, according to a Tuesday announcement.

The purchase price includes 1.05 billion reais for equity in seven high-voltage Brazilian transmission assets, according to a statement issued Tuesday by Bank of America Merrill Lynch, State Grid's financial adviser on the deal.

The equity purchase, which represents an expenditure of approximately $530.8 million for State Grid,...
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