August 26, 2016 / 9:12 PM / 2 years ago

UPDATE 1-Brazil's Samambaia fund buys 617 mln reais in Energisa units

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SAO PAULO, Aug 26 (Reuters) - Brazil’s Samambaia investment fund bought 29 million units of local power company Energisa SA for 617 million reais ($188 million), STS GAEA Capital, a financial advisor to the fund, said in a statement on Friday.

Energisa is the sixth largest power distribution company in Brazil considering sales. The company owns 13 operating licenses, serving around 6.4 million customers in 788 municipalities in the country.

According to Thomson Reuters data Energisa has 75 million units on free float. As of Friday, the company had a market capitalization of 6.99 billion reais.

Energisa raised 1.5 billion reais earlier this month in a public offering of 83 million units. The company said it plans to use the proceeds to pay down debt and finance investments to improve services. ($1 = 3.268 Brazilian reais) (Reporting by Luciano Costa and Marcelo Teixeira; Editing by Bernard Orr)

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