Fresh news from The Wall Street Journal:
A Spanish company, Iberdrola, has agreed to but Brazil’s Elektro for $2.4B. Nonetheless, the deal needs regulatory approval, expected to be completed in three to six months.
The optimistic writer of this blog hopes that the government will not stop this deal. I expect that this deal will help to reduce the outrageous electricity costs, one of the main bottleneck of our economy. (As you can view in our recent post about Infrastructure Challenge).
Elektro was founded in 1998 and distributes electricity to 2.17 million clients, mostly in the State of Sao Paulo.
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