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Brazil Kicks Off $7.4 Billion Eletrobras Privatization

  • Utility giant, BNDES will sell shares to be priced on June 9
  • Equity offering could be Brazil’s second-largest ever
Power lines connected to the Eletrobras Furnas hydroelectric dam during a drought in Furnas, Minas Gerais state, Brazil, on Monday, June 28, 2021. 

Power lines connected to the Eletrobras Furnas hydroelectric dam during a drought in Furnas, Minas Gerais state, Brazil, on Monday, June 28, 2021. 

Photographer: Jonne Roriz/Bloomberg

Brazil’s state-controlled utility Eletrobras has launched what may be one of the nation’s largest equity deals on record and lead to the privatization of the power company.

Centrais Eletricas Brasileiras SA, as the Rio de Janeiro-based firm is formally known, and Brazil’s development bank BNDES are offering a combined 697,476,856 shares, according to a filing Friday. If the over-allotment is fully sold, it could add as much as 104,621,528 shares to the deal.