Colombian state-owned power group Interconexion Electrica (ISA) has acquired a 41.6 per cent stake in Brazilian grid developer Transmissora Aliança De Energia Elétrica SA (TAESA), which currently holds 33 transmission concessions comprising 11,000 km of high voltage power lines in Brazil.
In a BRL1.06 billion deal, ISA has acquired 26 per cent of TAESA’s ordinary shares and 14.9 per cent of its capital stock from Brazilian equity firms Fundo de Investimento em Participações Coliseu (FIP Coliseu) and Fundo de Investimento em Ações Taurus (FIP Taurus).
Brazilian energy company Companhia Energetica de Minas Gerais (Cemig) owns a 43.4 per cent stake in TAESA. In August 2016, Cemig had also announced plans to sell a minority stake in TAESA to raise up to BRL500 million in an effort to reduce its debt.
Currently though, ISA’s acquisition deal is yet to be approved by the country’s regulators.