Eletropaulo Investment Rationale
Main Transaction Terms
Tender Offer for Eletropaulo
Eletropaulo Enterprise Value Build-Up (US$ bn)
Enel Américas has made the best offer to acquire
Eletropaulo.
Final price: 45.22 BRL per share.
Enterprise Value of US$ 4.6 bn.
Tender offer successfully finalized (reached more than
50% of the shares of Eletropaulo).
Shareholders have an additional period of 30 days to
sell their shares.
On June 21, President Temer approved the sale of the
government shareholding in Eletropaulo of 7.97%.
BNDES will be the responsible for executing the sale.
Committed Capital increase in Eletropaulo of at least
BRL 1.5 bn (~US$ 400 m).
+0.8
+1.0
2.1
enel
+0.2
4.6
+0.4
Equity
Pension Funds
Net Debt
Settlement Eletrobras Other contingencies
EV
EV/RAB
2.3
2.2
2.2
2.2
2.1
2.0
1.9
1.8
Eletropaulo
Eletropaulo
Equatorial
2
Energisa 2
Iberdrola/Elektro Iberdrola/Elektro Equatorial Follow Energisa Re-IPO 3
2010 3
20173
On 3
Multiple in line with comparable peers and historical M&A transactions
1. Normalized EV/RAB at 2021. 2. Comparable peers. 3. Recent M&A transactions.
Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Valuation from financial advisor.
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