Chinese utility buys big in Brazil

State Grid Corporation of China announced that it has taken ownership of a controlling stake in the Brazilian power utility CPFL Energia SA, the largest power distributor in the country.

State Grid, the world’s largest utility company, concluded the deal for a 54.64% stake in CPFL five months after signing the agreement for the acquisition, reports China Daily.

The value of the deal will total $4.49 billion, making this acquisition State Grid’s biggest overseas investment project so far.

Source: China Daily