Cemig Buys Gutierrez’s Santo Antonio Stake for 835 Million Reais

Cia Energetica de Minas Gerais, Brazil’s third-biggest electric utility by market value, will hold as much as 15.15 percent of Madeira Energia after buying Andrade Gutierrez SA’s stake in the Santo Antonio dam.

Cemig, as the Minas Gerais-based power company is known, paid 835.4 million reais ($356 million) to purchase the stake in Madeira Energia, the group responsible for the construction of the dam in Brazil’s Amazon region, according to a company regulatory filing. The transaction will be funded through private equity and other entities, according to the filing.

Cemig currently own 10 percent of Madeira Energia. The Santo Antonio dam is under construction.

To contact the reporters on this story: Adam Williams in Mexico City at awilliams111@bloomberg.net; Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.