Italian grid Terna SpA (TRN.MI) said Friday it agreed to sell a 66% stake in Brazil's Terna Participacoes SA (TRNA4.BR) for 2.33 billion Brazilian reals (EUR809 million) to Companhia Energetica Minas Gerais (CIG), or CEMIG, as it seeks resources to invest in the Italian network.
In a statement, Terna said the sale is subject to Brazilian regulatory approval and ratification by CEMIG's general shareholders' meeting.
After the closing of the acquisition, all business relations between Terna and its former Brazilian unit will "terminate," said the Italian company.
Terna said it will comment the sale at the May 13 conference call for first-quarter results.