White & Case advises CTEEP on Eletrobras’s secondary offering of R$2.2 billion stake in the company

Global law firm White & Case LLP has advised Companhia de Transmissão de Energia Elétrica Paulista (CTEEP), as issuer, on Brazilian electricity company Eletrobras's secondary offering of R$2.2 billion (US$403 million) worth of shares it owns in CTEEP.

Upon closing of the transaction, Eletrobras offered 93 million preferred shares of CTEEP at R$23.50 per share. Prior to the sale, Eletrobras owned a 35.7 percent stake in CTEEP, and through the secondary offering, Eletrobras has cut this stake to 21.6 percent.

CTEEP is responsible for the transmission of approximately 30 percent of Brazil's overall annual electric power generation, and 60 percent of the electric energy consumed in the Southeast region. The company is one of the leading electric power transmission concessionaires in the country, focusing on innovation and consistent improvement intended to ensure the quality and credibility of its operations.

The White & Case team was led by Capital Markets partners John Guzman (São Paulo) and Elodie Gal (New York), and included associate Fabiana Fadel (São Paulo); and Tax associates Daniel Park (New York), Chad McCormick and Neil Clausen (both in Houston). International law clerk Camilo Vasquez also assisted on the matter.

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