January 29, 2023
Exclusive: BNDES reaches out to banks to sell 11% of Energisa

Exclusive: BNDES reaches out to banks to sell 11% of Energisa

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 Goi├ís 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.

Geraldo Samor