Exclusive: BNDES reaches out to banks to sell 11% of Energisa
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BNDES contacted banks on Friday to select a financial advisor to help them find a buyer for their stake in Energisa, a deal worth about R$2 billion, people familiar with the matter said. Brazil Magazine.
In recent weeks, market speculation has been that BNDES will launch a Follow or one trade block To get rid of the position, but it is now clear that the bank prefers a structured process with financial or strategic investors.
BNDESPar became the owner of 11.38% of Energisa’s capital last month, when it converted bonds with an underwriting bonus. The development bank signed up for bonds in 2015 to support Energisa’s acquisition of Grupo Rede – which brought in a new growth vector for Botelho.
The bond was converted at R$16.47, and the note is currently trading around R$43.50.
In addition to financial investors, the most reasonable buyer of the position is Energisa itself. The company recently got into a dispute over Celg, the Goiás distributor that Enel offered for sale – but the Italians are in exclusive negotiations with Equatorial Energia.
Energisa is valued at R$20.7 billion on the stock exchange and is trading at about 12 times estimated earnings for 2023.
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