March 20, 2018 / 1:18 PM / a month ago

UAE's Mubadala fund in talks to buy renewable energy arm of Brazil's QGEP-report

RIO DE JANEIRO, March 20 (Reuters) - United Arab Emirates’s sovereign wealth fund Mubadala Development Fund is close to a deal to buy Queiroz Galvao Energia SA, the renewable energy arm of Brazil’s Queiroz Galvao Participacoes, Brazilian newspaper Valor Economico reported on Tuesday.

Citing sources close to the deal, Valor said the purchase would be valued at around 4 billion reais ($1.2 billion). Mubadala has partnered with Castlerock Asset Management Inc., the report added.

The conglomerate has negotiated its energy arm with other groups, including China Three Gorges Corp, but the talks had collapsed, according to the report.

Neither QGEP nor Mubadala could be immediately be reached for comment.

$1 = 3.2918 reais Reporting by Alexandra Alper; Editing by Bernadette Baum

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