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Brazil's Copel to launch privatization offering of up to $1 billion

Reuters
·1-min read
Pylons of high-tension electricity power lines are seen during sunset in Brasilia

SAO PAULO (Reuters) - Brazilian electric utility Copel is planning to launch a public share offering between Tuesday and Wednesday of up to 5 billion reais ($1.05 billion) to take the firm private, it said on Tuesday.

The offering will amount to between 4.3 billion reais and 5 billion reais based on Monday's closing price and considers the sale of part of Parana state's stake in the firm and the sale of new shares, Copel said.

Copel added that the offering is still subject to market conditions.

The deal is also pending the definition of some conditions by authorities, such as the minimum price of the offering, established by Parana State audit court.

BTG Pactual, Bradesco BBI, Morgan Stanley, and UBS Brasil are managing the offering.

($1 = 4.7491 reais)

(Reporting by Peter Frontini and Leticia Fucuchima; Editing by Chris Reese and Anthony Esposito)