Pinheiro Neto advises Energisa on acquisition of Eletrobras subsidiaries

Brazilian law firm Pinheiro Neto advised local power holding company Energisa on its successful bids to acquire two subsidiaries of state-owned utility Eletrobras.
 

Energisa won the public bidding process on 30 August to acquire corporate control of electricity distribution company Eletrobras Distribuição Acre (Eletroacre), by purchasing approximately 86 per cent of the company’s shares, and Centrais Elétricas de Rondônia (Ceron), acquiring approximately 90 per cent of that company’s shares.



The Electroacre deal is valued at $238.8 million, while the Ceron transaction is valued at $253.8 million, according to Pinheiro Neto.

Electroacre holds the concession to distribute electricity in 22 municipalities in Brazil’s Acre state, serving more than 200,000 customers, while Ceron operates the power distribution network in 52 muncipalities of Rondônia state, serving around 500,000 clients. 

The sell-off is part of Eletrobas’ divestment drive to offload assets within the privatisation plans announced in 2016 by the government of President Michel Temer.

Pinheiro Neto lawyers that advised Energisa on the two deals are partners Francisco Werneck A. Maranhão and José Roberto Oliva Junior, senior associates Raphael Moraes Paciello, Rodrigo Tostes and Felipe Bernardelli, and junior associate Miguel Britto Ferreira.

Pinheiro Neto advised on the due diligence and is currently advising on the implementation of both transactions.