October 19, 2018 / 5:29 PM / 5 months ago

Canada's CPPIB and Brazil's Votorantim buy power company Cesp

SAO PAULO, Oct 19 (Reuters) - A consortium formed by Canadian pension fund CPPIB and Brazil’s Votorantim Energia won a privatization auction on Friday to buy a controlling stake in power company Cesp from the government of Sao Paulo state.

The consortium, called Sao Paulo Energia, will pay 14.6 reais per Cesp share, a 2.09 percent premium over the minimum sale price at the auction. Shares of Cesp jumped more than 12 percent after the auction to 17.07 reais each.

Reporting José Roberto Gomes Writing by Marcelo Teixeira; Editing by Bernadette Baum

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