China's State Grid buys majority stake in Brazil power giant
China's State Grid has concluded a deal to buy a majority stake in Brazil's electricity giant CPFL for $4.5 billion, the company announced on Tuesday.
The 14.19 billion real($4.5 billion) deal will advance the Chinese company's presence in the Brazilian market, where it operates 10,000 kilometres of power transmission lines and entered the country's market in 2010, the State Grid statement said.
The world's largest utility company and China's largest state-owned enterprise, State Grid has pursued deals around the world, but was blocked last year in an attempted purchase of an Australian electricity network over national security concerns.
CPFL is the largest private power company in Brazil and the country's third largest utility provider overall. It supplies power to 24 million people and is a leading supplier of renewable energy, the statement said.