Brazil’s Sabesp Acquires Majority Stake in EMAE for $212 Million

Brazil’s Cia de Saneamento Basico do Estado de Sao Pauloacquired a majority stake in Empresa Metropolitana de Águas e Energia SA in a 1.13 billion reais ($212 million) deal, strengthening its position in the water and energy markets.

Sabesp, as Latin America’s largest utility is known, signed agreements to purchase 74.9% of EMAE’s common shares and 66.8% of its preferred shares for 59.33 reais and 32.07 reais per share, respectively, according to a filing. The deals involve buying shares from Phoenix Água e Energia SA and Centrais Elétricas Brasileiras SA.

Sabesp will hold about 70% of EMAE’s ...