Eletrobras approves final rules for SPE sale

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Tuesday, August 21, 2018

Brazilian state-run power firm Eletrobras' board approved Tuesday the final rules for the sale of its 71 special purpose companies (SPEs) to be auctioned on September 27.

The SPEs will be sold in 18 lots in a public auction on the B3 stock exchange. Eletrobras hired Credit Suisse as the advisor to the process, the company said in a securities filing.

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On Monday night, the firm said it also resumed the process of selling four distribution subsidiariesCeron, Eletroacre, Ceal and Amazonas Energia – after the federal labor court (TST) suspended an injunction granted to electric power workers union AEEL which requested the suspension of the privatization. Three subsidiaries are due to be auctioned on August 30 and one on September 26.

The sales are part of Eletrobras' plan to reduce leverage.