Equatorial Energia lands Itaú equity injection
Equatorial Energia has signed an investment agreement with Itaú Unibanco in the amount of R$2.1 billion ($403 million).
The bank acquired shares in a distribution business of Equatorial Distribuição, and owns a total of 20.83% of the shares following the transaction. Equatorial owns the remaining 79.17%.
With this transaction, Equatorial Energia sought to improve the corporate structure of the company and the financial liquidity of the group as a whole.
In addition to the transaction, Equatorial Distribuição became the controlling shareholder in Equatorial Piauí, another subsidiary of the Equatorial group, with interests totaling 94.94%.
Equatorial Distribuição is the distribution company of Grupo Equatorial operating in the states of Maranhão and Pará, serving more than 5.4 million customers. Equatorial Piauí serves another 1.4 million customers in the state of Piauí.
Equatorial Energia acquired several distribution businesses in the last two years including Celg-D from Enel Brasil in 2022 for which it issued R$1.36 billion in debentures earlier this year to refinance debts incurred by the company (PFR, 1/25).