Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia from Iberdrola Energía, S.A.U. for approximately €160 million.
March 01, 2015
Share
Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia (BVMF:CEEB5) from Iberdrola Energía, S.A.U. for approximately €160 million on February 27, 2015. Under the terms of the transaction, Neoenergia SA will acquire 5.6 million ordinary shares and 10.4 million class A preference shares. Post the acquisition, Iberdrola Energía, S.A.U. holds no stake and Neoenergia SA will hold a stake of 96.3% in Companhia de Electricidade do Estado da Bahia. In a related transaction, Neoenergia SA acquired an additional 7.01% stake in Companhia Energética do Rio Grande do Norte - COSERN (BOVESPA:CSRN3) from Iberdrola Energía, S.A.U. for €32 million.
The payment for the shares shall be deferred until February 26, 2018. On such date, Iberdrola Energía will also receive the payment of interest accrued, calculated at a rate of 12.19 % per annum. The estimated gross consolidated capital gains for the transactions in the fiscal year 2015 will amount to approximately €69 million. Machado, Meyer, Sendacz e Opice acted as legal advisor to Iberdrola. Souza, Cescon Avedissian, Barrieu e Flesch Advogados acted as legal advisor to Neoenergia.
Neoenergia SA completed the acquisition of an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia (BVMF:CEEB5) from Iberdrola Energía, S.A.U. on February 27, 2015.
Neoenergia S.A. specializes in the production, transmission, distribution and trading of electricity. Net sales break down by activity as follows:
- electricity distribution (96%): 71,318 GWh of electricity distributed to 16.4 million residential, commercial, industrial, institutional and rural customers at the end of 2023. The group also develops an electricity transmission activity (operation of a network of 2,543 km of power lines).
- electricity trading (2.4%). In addition, Neoenergia S.A. develops a thermal power generation business;
- renewable energy production (1.6%). At the end of 2023, the group had 44 wind farms, 5 hydroelectric power plants and 2 solar power plants with a total installed capacity of 3,861.8 MW.
Neoenergia SA acquired an additional 8.5% stake in Companhia de Electricidade do Estado da Bahia from Iberdrola Energía, S.A.U. for approximately €160 million.
NEOENERGIA S.A. 
