Taesa Advances Equity Sale

Brazil’s Transmissora Alianca de Energia Eletrica (Taesa) is analyzing conditions for the public sale of additional shares, it says. The transmission unit of Cemig had previously been heard preparing such a deal and hiring BTG Pactual and Bank of America Merrill Lynch to manage. The transaction is expected to raise up to BRL2bn ($1.09bn).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 BRL60.50 Thursday.