Sullivan & Cromwell is advising State Grid Corp. of China on a $1.8 billion deal that will see the Chinese power company acquire a minority stake in Brazilian utility company CPFL Energia S.A.
In a deal signed last Friday, the state-owned Chinese company is buying a 23.6 percent stake in CPFL, the country’s largest privately held power distributer, from Brazilian private conglomerate Camargo Correa S.A. São Paulo-based CPFL operates 41 power plants in Brazil and distributes to 7.4 million customers in 570 cities across the country.
