The AES Corp. has entered into an agreement to sell its 100% equity interest in AES Sul, one of its utilities in Brazil, to CPFL Energia S.A. for BRL1698 million (US$464 million), subject to closing price adjustments. The transaction is planned to close in 2H16, subject to approval by CPFL Energia’s shareholders and customary regulatory approvals.
“The sale of our distribution company, Sul, in Brazil is yet another step we are taking to optimise our portfolio for future value creation,” said Andrés Gluski, AES President and CEO. “We are proud of the work we have done at Sul over the past 19 years to improve safety, systems and operations, but believe that today we can best serve our shareholders by re-deploying our capital in other businesses and to de-risk the Company.”
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/20062016/aes-announces-agreement-to-sell-aes-sul-in-brazil-2651/