WASHINGTON (dpa-AFX) - AES Corp. (AES) said that it has agreed to sell its 47.3% equity interest in AES Brasil to Auren Energia for approximately $640 million in proceeds to AES.
AES noted that the sale will be completed in conjunction with a merger between AES Brasil and Auren Energia, with AES Brasil shares valued at about 11.55 Brazilian Real per share, before purchase price adjustments.
The transaction is expected to close in 4 to 6 months.
AES said that it will use proceeds from the sale to Fund its growth in Renewables & US Utilities.
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