August 29, 2019 / 10:16 PM / 20 days ago

Brazil's CPFL Energia agrees to buy State Grid stake in subsidiary

SAO PAULO, Aug 29 (Reuters) - Brazilian power company CPFL Energia SA has agreed to acquire the full stake held by its Chinese parent, State Grid Corp of China, in its renewables subsidiary CPFL Energias Renovaveis SA , the company said in a securities filing.

CPFL will pay 16.85 reais per CPFL Renovaveis share owned by State Grid, and the total transaction price is 4.1 billion reais ($995 million), the company added. CPFL will pay for the transaction with proceeds of a recent share offering. ($1 = 4.1196 reais) (Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien)

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