August 24, 2017 / 10:26 PM / a year ago

Banco do Brasil to book $65 mln gain with Neoenergia M&A

SAO PAULO (Reuters) - State-controlled Banco do Brasil SA plans to book a 205 million-real ($65 million) non-recurring gain this quarter after an increase in the value of an investment.

In a Thursday securities filing, Banco do Brasil said that the gain will be related to Neoenergia SA’s acquisition of rival Elektro Eletricidades & Serviços SA, which was concluded earlier in the day. Banco do Brasil’s investment-banking unit has 9.3 percent of the combined entity, which will remain known as Neoenergia.

Reuters reported on July 14 that Neoenergia, Brazil’s No. 1 power utility by customers served, has plans for a dual initial public offering in São Paulo and New York that could value it at around 35 billion reais. The IPO could be launched as early as September.

Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler

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