Brazilian electricity company Eletrobras said it is days away from pricing a secondary offering of its shares in Companhia de Transmissão de Energia Elétrica Paulista’s (ISA Cteep).
Eletrobras plans to sell between 60 million and 130 million preferred shares in the São Paulo-based power company, which is controlled by Colombia’s ISA. The transaction, which is slated for July 18, could amount to as much as BRL3.5 billion ($650 million) at current prices.
Citigroup is coordinating the transaction, while Itaú BBA, Safra and XP are joint bookrunners.
Eletrobras, which owns 52% of Cteep’s preferred shares, announced plans for a secondary offering last year but subsequently postponed the transaction.
ISA Cteep shares fell 4.7% to BRL25.82 at Friday’s close on São Paulo’s B3 stock exchange.