MADRID, 19 Spanish power company announced on Wednesday the purchase of the Brazilian Elektro by 2,400 million dollars (more than 1,776 million euros), according to a communication sent by the company to the National Securities Market Commission (CNMV). The company headed by Ignacio Sanchez Galan has reported the purchase agreement with the British group Ashmore Energy International (AEI), owner of Elektro, a Brazilian company that provides electricity distribution services, mainly in municipalities of Sao Paulo.The acquisition of 99.68% of the share capital of Elektro is about 1776.99 million euros, the statement sent to the CNMV. However, the consummation of the sale of the shares is subject to compliance with a number of conditions, including obtaining necessary regulatory and administrative provisions and the absence of material adverse effects, among others.
The deadline for compliance with those conditions and, therefore, for the consummation of the sale, is six months from the signing of the contract.
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