Brazil energy company Energisa acquires Gemini in $159 mln deal

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Brazilian energy company Energisa Transmissao de Energia SA said it has agreed to acquire power transmission company Gemini Energy SA in a deal worth around 822 million reais ($158.94 million).

According to a securities filing, Energisa will acquire all 2,330,105,717 shares in Gemini, paying 0.353037 reais per share to Starboard Restructuring Partners, Gemini’s controlling shareholder. Energisa will also take most of the 1.73 billion reais of Gemini’s net debt.

Gemini owns majority stakes in two transmission companies in Brazil’s northern region, and 100% of a transmission company operating in the states of Sao Paulo and Rio de Janeiro.

The transmission assets currently owned by Gemini were acquired by Starboard from bankrupt Spanish group Isolux Corsan in 2020.

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