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The proposal has received the backing of Iberdrola's fellow Neoenergia stakeholders Banco do Brasil (BB) and Previ, according to a report in the Estado de S.Paulo newspaper on Tuesday.
The deal would facilitate plans for BB and Previ – the former's pension fund – to later sell their stakes in Neoenergia, the report said, citing an unnamed source with knowledge of the matter.
Neoenergia has interests in three electricity distributors in addition to a 50% share of the 1.82GW Teles Pires hydroelectric plant and 10% of the 12.1GW Belo Monte project.
Elektro is a power distribution concessionaire in the states of São Paulo and Mato Grosso do Sul. The company reported 2016 net revenue of 4.7bn reais (around US$1.5bn).