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Banco do Brasil to book $65 mln gain with Neoenergia M&A
August 24, 2017 / 10:13 PM / a month ago

Banco do Brasil to book $65 mln gain with Neoenergia M&A

SAO PAULO, Aug 24 (Reuters) - State-controlled Banco do Brasil SA plans to book a 205 million-real ($65 million) non-recurring gain this quarter after an increase in the value of an investment.

In a Thursday securities filing, Banco do Brasil said that the gain will be related to Neoenergia SA’s acquisition of rival Elektro Eletricidades & Serviços SA, which was concluded earlier in the day. Banco do Brasil’s investment-banking unit has 9.3 percent of the combined entity, which will remain known as Neoenergia.

Reuters reported on July 14 that Neoenergia, Brazil’s No. 1 power utility by customers served, has plans for a dual initial public offering in São Paulo and New York that could value it at around 35 billion reais. The IPO could be launched as early as September.

$1 = 3.1475 reais Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler

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