Enel, through its subsidiary Enel Brasil, yesterday completed the acquisition of 94,8% of Celg, an energy distribution company operating in the Brazilian state of Goia's. The operation is worth a total of 2,187 billion Brazilian reals, equal to about 640 million US dollars.
The remaining share of Celg's share capital, equal to approximately 5,1%, will be offered to current and retired employees of the company, through a procedure that will allow Enel Brasil to purchase the shares not acquired by the aforementioned employees and retirees.
"The completion of the acquisition of Celg is an important milestone in our growth strategy in Latin America - said Enel CEO Francesco Starace - With this transaction we further expand our presence in the Brazilian distribution sector, making Enel Brasil the second largest energy distribution company in the country”.
Furthermore, “after Italy and the Iberian area – added Starace – Brazil becomes the third largest market for the Group in terms of number of customers. We are committed to making the most of Celg's growth potential, leveraging our technology expertise and Group best practices globally to strengthen the service the company provides to its clients."
Founded in 1956 with headquarters in Goiânia, Celg (previously owned approximately 51% by the Federal Republic of Brazil, through the state-owned electricity company Eletrobras, and approximately 49% by the State of Goiás, through the holding company Celg-Par), operates over an area of over 337.000 square km with a concession valid until 2045.
The Celg market comprises 237 municipalities with a combined population of approximately 6,2 million people. The customer base of 2,9 million is served via a network of more than 200.800 kilometres. The sale of Celg is part of the Brazilian government's privatization programme.
