State Grid of China buys largest power distributor in Brazil
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.
Record shows that the value of the deal will total $4.49 billion, while the acquisition is State Grid's biggest overseas investment project so far.
According to State Grid, the deal will expand its business to power transmission, distribution, new energy power generation and electricity sales.
The acquisition will bring State Grid's new energy power generation technology and management experience to Brazil, State Grid said.
State Grid, which runs the majority of the nation's electricity distribution network, has landed ultra high-voltage electricity transmission projects in Brazil earlier.
State Grid won a contract to build a 2,500-kilometer power line in Brazil that will link the world's third-biggest hydroelectric dam to the country's largest market in 2015, after winning the contract for another section of the Belo Monte transmission line one year earlier. ■