April 11, 2015 / 4:00 PM / 5 years ago

Cemig prepares sale of stake in broadband unit: report

SAO PAULO (Reuters) - The telecommunications arm of Brazilian utility Cemig SA is preparing to sell a stake in its broadband operation to private equity firm GP Investments Ltd and other investors, according to a magazine report on Saturday.

Brazilian business magazine Exame reported, without saying how it obtained the information, that the deal could raise some 1 billion reais ($325 million) for the state-controlled utility known formally as Companhia Energatica de Minas Gerais.

A press representative working for GP Investments said the firm did not comment on market speculation. Cemig’s press office in Belo Horizonte, Brazil, could not be reached for comment.

Reporting by Brad Haynes and Guillermo Parra-Bernal; Editing by Alison Williams

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