May 2, 2019 / 1:42 PM / 3 months ago

Brazil's Patria planning sale of power company Argo -report

SAO PAULO, May 2 (Reuters) - Brazil’s Patria Investments is planning to sell power company Argo, newspaper O Estado de S. Paulo reported on Thursday.

Argo owns 1,100 kilometers (683.5 miles) of power transmission lines mainly in the northeastern region and Patria is seeking about 6 billion reais ($1.5 billion) for the company, including debt.

O Estado de S. Paulo, citing sources with knowledge of the matter, said the sale process is in its early stages. Patria, in which U.S. private equity firm Blackstone Group LP has a 40 percent stake, did not immediately comment on the matter. ($1 = 3.9620 reais) (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama ad Bill Trott)

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