Eneva plans incorporation and merger with AES Tietê

In a statement on Monday (02), the company controlled by the U.S. group AES reported that Eneva, a power generation company controlled by BTG Pactual and the Cambuhy Investimentos fund (of the Moreira Salles family), sent a proposal combination of business to AES Tietê. The transaction would result in the creation of a “giant in the generation sector” in Brazil with an installed capacity of 6,100 megawatts (MW) and annual revenues of R$ 5 billion. 

Of the agreed value, it would be R$ 2.75 billion in cash and approximately R$ 3.9 billion in Eneva shares. According to the energy company, the offer considers a premium of 13.3% on the share price of AES Tietê.  

“There is a lot of value to be generated through this business combination. Basically, much of the merits of the operation are in you consolidating a portfolio that combines water assets with thermoelectric, wind and solar,” Eneva President Pedro Zinner told Reuters. “The new company would have a more stable cash generation, a lower credit risk, better access to the capital market. In a way, more prepared to grow and meet the demand of the energy sector in the coming years,” he added.

AES Tietê said it will analyze the offer “in detail, keeping the market informed about possible developments.”

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