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Brazil's Taesa electric transmission eyes J&F power lines after Brookfield talks collapse

 

 

By Luciano Costa

SAO PAULO
Petroleumworld 02 28 2018

Brazilian electricity transmission company Taesa is looking to buy assets that Ambar Energia Ltda, the energy arm of J&F Investimentos SA, has put up for sale, the firm's chief executive told Reuters late on Monday.

The deal comes shortly after exclusive talks between J&F and potential buyer Brookfield Asset Management Inc collapsed.

“We're participating in that sale,” CEO Raul Lycurgo Leite said. “We have even given a non-binding offer in relation to those assets, but we don't know how fast that process is evolving.”

Taesa, controlled by Colombia's ISA and Brazil's Companhia Eletrica de Minas Gerais SA, known as Cemig, is interested in at least four transmission assets owned by J&F, he added.

In July, Reuters reported that Brookfield had signed an exclusivity agreement to acquire a majority stake in Ambar.

According to a source with knowledge of the matter, who requested anonymity to discuss private matter, those negotiations took place until January, at which point the two sides gave up on a potential deal.

Ambar has almost 1,200 kilometers (746 miles) of transmission lines, as well as substations in the states of Sao Paulo, Minas Gerais, Bahia, Piaui, Distrito Federal, and Goias, according to information on the company's website.

 


Story by Luciano Costa ; Additional reporting by Tatiana Bautzer; Writing by Gram Slattery from Reuters

reuters.com /
02 28 2018

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