Taesa Plots Share Sale

Brazil’s Cemig is heard moving ahead with an equity sale for its Transmissora do Atlantico de Energia Eletrica (Taesa) transmission unit. BTG Pactual and Bank of America Merrill Lynch have been hired to manage the deal, according to ECM sources familiar with the plan. The follow-on sale would in many ways function as an IPO for the relatively illiquid shares. Cemig bought Taesa, then known as Terna Participacoes, in 2009 from Italy’s Terna, and has indicated it would look to increase the unit’s float. Taesa shares closed at BRL45.21 Thursday.