EDF in Sale of Brazil Electricity Distributor
March 28, 2006
Cleary Gottlieb is representing the EDF Group in the sale of an 80% stake in Light, one of Brazil’s largest electricity distributors, to the Rio Minas consortium. The purchase is currently pending final regulatory approval in both Brazil and France.
Light supplies power to 3.35 million customers in 31 cities in Brazil, including Rio de Janeiro. The EDF Group is made up of one of France’s largest utilities, Electricité de France, and a network of 75 affiliates and investments in Europe and around the world. The EDF Group is one of the world’s largest energy consortiums and has 36.2 million customers in Europe and 42.1 million customers worldwide.
The Rio Minas consortium is comprised of CEMIG, Andrade Gutierrez, JLA and Pactual, some of the largest strategic and financial players in the Brazilian power sector.