EDP - Energias de Portugal, S.A. (ENXTLS:EDP) made an offer to acquire 42.45% stake in EDP - Energias do Brasil S.A. (BOVESPA:ENBR3) for BRL 5.7 billion on March 2, 2023. As of April 11, 2023, EDP readjusts per share price from BRL 24 per share to BRl 23.73 per share. To finance the takeover bid, the Portuguese company intends to raise equity, through a share capital increase, in the amount of 1 billion euros. The launch and completion of this transaction will be subject to corporate approvals and the fulfillment of favorable market conditions. As of June 1, 2023, the transaction was accepted by the Brazilian Securities and Exchange Commission (CVM). As of July 12, 2023, has around 32% stake in EDP - Energias do Brasil S.A. thus reaching close to 88% after the takeover bid made.

Morgan Stanley (NYSE:MS) acted as financial advisor to EDP - Energias do Brasil S.A. Alfonso Ventoso del Rincón, Javier Redonet, Miguel Stokes of Uría Menéndez Abogados, S.L.P. acted as legal advisor to EDP - Energias do Brasil S.A. Ernst & Young Portugal, Financial Advisory Arm acted as financial advisor to EDP - Energias de Portugal, S.A.

EDP - Energias de Portugal, S.A. (ENXTLS:EDP) completed the acquisition of 32% stake in EDP - Energias do Brasil S.A. (BOVESPA:ENBR3) for BRL4.3 billion on July 12, 2023.