Singaporean sovereign wealth fund GIC a fund managed by GIC Private Limited entered into an agreement to acquire 50% stake in eight transmission assets from Neoenergia S.A. for BRL 1.2 billion.

Singaporean sovereign wealth fund GIC a fund managed by GIC Private Limited entered into an agreement to acquire 50% stake in eight transmission assets from Neoenergia S.A. (BOVESPA:NEOE3) for BRL 1.2 billion on April 25, 2023. The eight operational assets have Annual Permitted Revenues of approximately BRL 430 million. Following closing of the transaction, Neoenergia will continue to provide operation and maintenance services, as well as other corporate services to the operational assets.

The transaction is still subject to customary conditions precedent, which include prior approval of governmental authorities and certain third parties. The transaction is expected to be concluded in the second half of this year. Leonardo Miranda, Ana Carolina Katlauskas Calil and Karin Yamauti of Tozzini, Freire, Teixeira e Silva Advogados Ltda and Thais Garcia, Carla Ruggero, Katerina Papacosma and Elisa Escobar of Clifford Chance LLP acted as legal advisors to Neoenergia S.A., whereas, Freshfields Bruckhaus Deringer LLP and Bruno Bercito, Mariana Saragoça, Renato Stanley and Marco Saliba of Stocche, Forbes, Padis, Filizzola, Clapis Advogados acted as legal advisors to GIC Private Limited.

Mariane Medeiros acted as in-house counsel to Neoenergia.