Omega Geração S.A. agreed to acquire 78% stake in Santa Vitória do Palmar Holding S.A. from Centrais Elétricas Brasileiras S.A. - Eletrobrás for approximately BRL 430 million.
The transaction is subject to customary conditions including approvals from National Electric Energy Agency, Administrative Council for Economic Defense, Governmental Authorizations, and shareholder approvals of Centrais Elétricas Brasileiras S.A. Eletrobrás in a meeting scheduled on September 2, 2020. The transaction is also subject to approval of Banco Regional de Desenvolvimento do Extremo Sul - BRDE which is expected to occur in 2020. On July 30, 2020, the Board of Directors of Centrais Elétricas Brasileiras S.A. - Eletrobrás approved the transaction by unanimous vote. On September 2, 2020, shareholders of Centrais Elétricas Brasileiras approved the transaction. On September 8, 2020, Brazil's Administrative Council for Economic Defense (CADE) has approved the acquisition. As of October 9, 2020 Omega Geração S.A. is calling a shareholders meeting early November to discuss a proposal of the board to take over the control in the wind power generation Santa Vitória do Palmar Holding S.A.. On November 24, 2020, Banco Nacional de Desenvolvimento Exonomico e Social - BNDES approved the transaction.
Virtus BR Partners Assessoria Corporativa Ltda. acted as the fairness opinion provider for Centrais Elétricas Brasileiras S.A. - Eletrobrás. Fabiano Marques Milani, Mariana Saragoça, Fernanda Rezemini Cardoso, Daphne Minerbo and Melissa Rodrigues of Stocche, Forbes, Padis, Filizzola, Clapis Advogados acted as legal advisors to Omega Geração S.A.