By Anthony Shevlin

Italy's Enel SpA (ENEL.MI) said Tuesday that it has acquired a 73.4% stake in Brazil's Eletropaulo Metropolitana Electricidade de Sao Paulo SA (ELPL3.BR) following a successful tender offer.

Enel said the overall consideration under the offer is 5.55 billion Brazilian reais ($1.48 billion) and the transaction will be settled on June 7, in line with Brazilian stock exchange regulations.

Enel said it plans to spend at least BRL1.5 billion to subscribe to a capital increase at Eletropaulo.

Enel presented an offer of 45.22 Brazilian reais ($12.04) per share last Wednesday, just before the deadline passed for new bids and topping an offer by its Spanish rival Iberdrola SA (IBE.MC).

On Monday, Enel's offer was voted on by Eletropaulo's shareholders, and was conditional on the acceptance of shareholders representing more than 50% of the capital.

Enel and Iberdrola had been locked in a bidding war for the Sao Paulo-based energy distributor since April 17, successively raising their bids in a battle to get a better foothold in the Brazilian electricity market.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

June 05, 2018 02:20 ET (06:20 GMT)

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