M&As this week: Companhia Energetica de Minas Gerais and Comtec Solar Systems

17 November 2016 (Last Updated November 17th, 2016 18:30)

Companhia Energetica de Minas Gerais has reached an agreement to acquire an additional 2.8% stake in power distribution company Light to increase its total stake to 32.8%.

Companhia Energetica de Minas Gerais has reached an agreement to acquire an additional 2.8% stake in power distribution company Light to increase its total stake to 32.8%.

The 2.8% stake will be purchased from Grupo BTG Pactual, a financial services provider based in Bermuda.

Comtec Solar Systems Group will acquire a 51% stake in Forum (Asia), with aim to expand its business into residential rooftop solar projects.

The stake will be purchased from investment holding companies On Board International Investment and United Concord Investment Holdings.

The agreed purchase consideration is CNY52.02m ($7.62m), which Comtec will pay by issuing 166,479,449 shares at a price of $0.05 a share in addition to CNY1m ($0.14m) as an initial deposit within 90 days of the sale and purchase agreement.