Nov. 26 (Bloomberg) -- Cia. Energetica de Minas Gerais, Brazil’s third largest electricity company by market value, said it received all the required regulatory approvals to acquire transmission lines from Spain’s Abengoa SA.
A subsidiary of Cemig, as the state-controlled company is known, will pay Abengoa 1.2 billion reais ($620 million) for the acquisition, announced on June 2, according to a regulatory filing late yesterday. The subsidiary, known as TAESA, expects to complete the acquisition by Nov. 30, the Belo Horizonte, Brazil-based company said.
Abengoa is selling stakes in five Brazilian transmission companies, the Seville, Spain-based company said in June.
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