By Brazil Stock Guide – Equatorial S.A. (B3: EQTL3) has concluded the sale of its entire transmission business to Infraestrutura e Energia Brasil, a wholly owned subsidiary of Verene Energia, controlled by Canadian pension fund Caisse de Dépôt et Placement du Québec (La Caisse). The deal, first announced in April and closed on October 31, totaled R$ 5.39 billion, slightly above the original equity valuation of R$ 5.19 billion after price adjustments and CDI indexation.
The transaction involved Equatorial Transmissão S.A., which owns seven special-purpose entities and Equatorial Transmissora Holding S.A. The portfolio’s net debt at the base date was R$ 3.31 billion, offset by a R$ 988 million capital reduction completed before closing. The agreement also provides for potential earn-out payments tied to the use of tax benefits by the transmission companies.
According to the company, the divestment follows a broader corporate reorganization that separated its renewable energy subsidiaries Echoenergia Participações, Echoenergia Crescimento, and Equatorial Renováveis, consolidating direct ownership in its clean-energy portfolio. “With this step, the company ceases to hold any direct or indirect stake in transmission assets,” said CFO and Investor Relations officer Leonardo Tavares de Lima.
The sale highlights La Caisse’s growing appetite for Brazilian regulated infrastructure and marks a turning point for Equatorial, which is now concentrating on energy distribution, renewables, and retail efficiency businesses. Analysts see the move as a sign of capital discipline and a strategic pivot toward higher-return assets.
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