Italy's Enel Inks $642M Deal For Brazil's Celg

Law360, New York (December 1, 2016, 2:45 PM EST) -- Enel said Wednesday it will take a majority stake in Brazil’s Celg from state-controlled electricity company Eletrobras in a roughly 2.2 billion Brazilian reais ($642 million) deal, allowing the Italian utility company to grow its Latin American footprint.

Rome-based Enel S.p.A.’s offer, made through Brazilian subsidiary Enel Brasil S.A., won out for the 94.8 percent stake of Celg Distribuição S.A., which is a subsidiary of Brazil’s Eletrobras, according to a statement.

Celg is an energy distribution company that operates in the Brazilian state of Goiás that...
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