The acquisition process for all the IENNE stake ended. CTEEP, ISA’s affiliate, had 25% of such stake.
This transaction which strengthens ISA Group’s presence in Brazil was for BRL 101 million.
ISA CTEEP, affiliate of ISA in Brazil, finished the total acquisition of the stake that ISOLUX and CYMI had in Interligação Elétrica Norte e Nordeste S.A. (IENNE). Therefore, this ISA’s affiliate has 100% of the company (327,284,000 ordinary shares). This transaction will represent BRL40.9 million annual revenues for ISA CTEEP.
According to ISA’s CEO, Bernardo Vargas Gibsone “this acquisition strengthens ISA’s position in Brazil, especially at the Northeast, and it also ratifies our interest in continuing exploring profitable growth opportunities in this country.”
About IENNE
IENNE is a public service concessionaire for the transmission of energy, created in ANEEL call for bids on November 07, 2007. it started its commercial operation in 2011 with the objective of integrating the National Interconnected System (SIN) and increasing the energy interconnection capacity between the North and the Northeast regions of Brazil. The concessionaire is comprised by two 500 kV transmission lines which together represent 720 kilometers.