Brazilian water and wastewater firm Aegea concluded the acquisition of Companhia de Saneamento do Norte, or CSN, responsible for providing water and sewage services in Manaus, capital of Amazonas state.
The company will pay 800mn reais (US$214mn) for CSN via installments until 2020.
Aegea is 71.04% controlled by infrastructure group Equipav, while Singapore's sovereign wealth fund GIC holds a 18.67% stake. IFC and IFC Asset Management Company hold 5.49% and 4.80%, respectively.
GIC, IFC and IFC Asset Management Company injected 150mn reais into Aegea to finance part of the acquisition.
Companhia de Saneamento do Norte operates through two subsidiaries: Manaus Ambiental and Rio Negro Ambiental, Captação, Tratamento e Distribuição de Águas.
Manaus has more than 2mn inhabitants and its coverage rates for water and sewage are 98% and 19.2%, respectively. With the acquisition, Aegea will operate in 49 municipalities in 11 states of Brazil, serving 7.6mn people.
"The acquisition represents an important step in consolidating the company's business in the sanitation sector in Brazil, being in line with its strategy of growth and value creation for its shareholders," Aegea said.