International Finance Corp. Buys 2.7% Of Endesa Brasil
The International Finance Corp., the private sector arm of the World Bank, has bought a 2.7% stake in Endesa's Brazilian unit, Endesa Brasil, for US$50 million, the Spanish electricity company said in a release Thursday. Endesa said it will sell IFC newly issued shares in its Endesa Brasil holding company. The Brazilian unit, prior to IFC's entry, was valued at around US$1.8 billion, Endesa said.
Under the agreement, Endesa said it has agreed to float its Brazilian unit within three years. Endesa Brasil has recently canceled plans to list its shares on the Brazilian stock exchange, the Bolsa de Valores do Estado de São Paulo.