Brazil approves State Grid deal for CPFL stake
Brazil's competition watchdog has approved State Grid's acquisition of a minority stake in CPFL Energia for US$1.9bn, the government gazette said on Thursday.
Cade, as the agency is known, accepted the transaction "without restrictions," allowing the Chinese utility to assume a 23% share of CPFL from Camargo Corrêa.
Earlier this month CPFL said State Grid agreed to pay 25 reais per share for the deal, representing a total outlay of 6bn reais.
The operation, originally announced in July, confirms State Grid's status as an emerging heavyweight in Brazil's electric power sector.
The company already owns a slew of projects in South America's largest country, including two ultra high-voltage power lines linking the Belo Monte hydroelectric plant to the country's heavily populated southeast.
Its local asset portfolio could swell further with the acquisition of projects belonging to debt-laden Spanish group Abengoa.
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