04/20/2024 – 12:07
The entrepreneur Nelson Tanure, Light's largest shareholdertogether with the Master Bank of Investment, increased its position in the infrastructure sector, this Wednesday, the 19th. The Phoenix Fund of Participações Multiestratégia won the privatization auction of the Metropolitan Water and Energy Company (It's mom). The Fund is managed by Master Corretora.
The winners will pay R$1.04 billion for a lot of 14,755,255 shares in the company, the first to be privatized by the governor of São Paulo, Tarcísio de Freitas. As a result, the State of São Paulo will have a 39% stake and control of the business.
The minimum price per share, established in the notice, was R$52.85. However, as the values proposed by the participating companies had a difference of less than 20%, the dispute went to open outcry and had 53 bids. Matrix Energy offered R$59.66 per share, 12.02% above the minimum price. The French EDF proposed R$70.31 per share, with a premium of 33.04%. But the sale ended up going to the Phoenix Fund, with a premium of 33.68%, or R$70.65 per share.
“In these funds, we leave space to bring in the bank's clients, especially when we analyze the asset, which is a publicly traded company, and we see the space. Tanure is the reference, he is at Light. This is what attracted us to enter into the investment and pay this premium of more than 30%”, said Maurício Quadrado, president of Banco Master de Investimentos, in an interview with the newspaper Valor Econômico, after the auction.
According to the executive, the fund's intention now is to sit down to talk to Eletrobras, owner of another 39% of the total capital, and place a team from the electricity sector trusted by the new shareholders to manage the company. “We have a very organized company, our responsibility now increases, for the company to continue to grow and create jobs. We are going to bring the company to an even better level than it is today,” he said.
Emae has power generation units in São Paulo, which serve the metropolitan region of the capital, Baixada Santos and the middle of Tietê. Its main asset is the Henry Borden hydroelectric plant, which has been operating since the 1920s and has 889 megawatts (MW) of power. In addition, the company has smaller hydroelectric plants, in Salto and Pirapora do Bom Jesus, with concessions that expire between 2042 and 2044; the Piratininga thermal plant, leased to Petrobras, and the right to commercial exploration of areas surrounding the Traição Elevatory Plant, on the Pinheiros River, close to some of the most upscale neighborhoods in the capital of São Paulo.
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