March 9, 2020 / 12:20 PM / 3 months ago

Brazil's AES Tiete seeks adviser for proposed deal with Eneva - filing

SAO PAULO, March 9 (Reuters) - Brazilian energy company AES Tiete Energia SA will hire financial advisers to help it evaluate a merger proposal it received from Eneva SA, according to a securities filing.

AES said its board of directors would decide on the hiring of an adviser on March 13.

In a separate securities filing, Eneva said on Sunday it would re-send its merger proposal to AES Tietê, as it had received no response about it yet.

Last week, Eneva proposed buying out AES Tiete’s shareholders for a mix of 2.75 billion reais ($611 million) in cash, and some 3.9 billion reais worth of Eneva shares, equivalent to a 22.6% stake.

The combined companies would have 6.4 gigawatts in installed capacity through 2024 and would be Brazil’s fourth-largest power generator. (Reporting by Luciano Costa; Writing by Carolina Mandll; Editing by Edmund Blair)

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