China's State Grid to Ink US$ 1.8 Bln Deal with Brazilian Power Firm

(Beijing) – State Grid Corporation of China, the country's top grid operator, says it will buy the controlling stake in a Brazilian power distributor for 5.85 billion reais, or US$ 1.8 billion, to further cement its position in Brazil's electricity sector.

CPFL Energia SA, one of Brazil's major privately-owned power generation and distribution companies, said on July 2 that State Grid plans to buy 23 percent of its shares that are currently owned by Camargo Correa SA, another Brazilian conglomerate with businesses in engineering, real estate, textile and shipbuilding.