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A Eletrobras reported this Wednesday (15) that it sold 100% of its stake in Electronuclear has J&F, from the Batista brothers, for R$535 million, plus financial obligations.
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Eletrobras’ participation represents 68% of Eletronuclear’s share capital and 35.9% of the voting capital.
With the agreement, the controlling company JBS will assume the guarantees provided by Eletrobras in favor of Eletronuclear and will adopt the necessary measures with its respective creditors and partners, Eletrobras informed the market. J&F will also assume responsibility for paying in the debentures agreed in the conciliation agreement signed with the Union, totaling R.4 billion.
The conditions will allow Eletrobras to fully release its remaining responsibilities with its affiliate, “improving the risk profile and allowing the release of the company’s allocable capital”. Eletrobras invested R$7.8 billion in its affiliate in the second quarter, which will result in an accounting loss of around R$7 billion in the third quarter.
“The transaction represents an important milestone for Eletrobras and reinforces the commitment made to its shareholders and the market, to optimize its portfolio and capital allocation, with a focus on generating value and simplifying its structure as foreseen in its strategic plan”, he said, in a note.
The sale still awaits adjustments and approval of regulatory and contractual conditions.
