China’s State Grid Corporation has acquired seven power transmission lines in Brazil from Spanish group Actividades de Construcción y Servicios (ACS) for 751.7 million euros, the Spanish group said in Madrid Tuesday.
In a statement filed with the Spanish stock market regulator CNMV, the ACS group said that the deal, which had been done via its industrial sector subsidiaries Cobra, Cymi, and CME, included a cash payment of 423.4 million euros for shares and the acquiring company taking on debts of 328.3 million euros.
This is State Grid Corporation’s second investment in Brazil and the group’s fourth outside China, one of which was the acquisition of 25 percent of Portuguese power grid group Redes Energéticas Nacionais (REN).
The Spanish construction, services and energy group owned 100 percent of the seven power lines, some of which are already operating and others that are due to start operating by the end of the year.
The group sold another power transmission line in Brazil to Spanish company Elecnor.
The deal is part of the Spanish group’s divestment programme for this year, through which it intends to make 3 billion euros.
The ACS group also plans to sell off four solar power plants, wind farms with an installed capacity of 750 megawatts, another nine transmission lines in Brazil, and some roads. (macauhub)